Blockchain-based trustable guarantees

ABSTRACT

A method includes receiving a cyphertext of a digital document specifying a guarantee and one or more zero-knowledge proofs (ZKPs) related to a value associated with the guarantee; verifying the one or more ZKPs; upon successfully verifying the one or more ZKPs, storing the cyphertext to a blockchain based on performing a consensus algorithm; receiving a first message from a first computing device associated with the beneficiary or a representative of the beneficiary indicating there is no outstanding claim for the guarantee; sending a second message to a second computing device associated with a guarantor to confirm that the guarantor is discharged from undertaking payment under the guarantee; receiving a third message from the second computing device associated with the guarantor requesting the status of the guarantee to be changed to expired; and updating the status of the guarantee stored in the blockchain to indicate that the guarantee has expired.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of PCT Application No.PCT/CN2020/074247, filed on Feb. 3, 2020, which is hereby incorporatedby reference in its entirety.

TECHNICAL FIELD

This specification relates to providing trustable guarantees based onblockchain technology.

BACKGROUND

Distributed ledger systems (DLSs), which can also be referred to asconsensus networks, and/or blockchain networks, enable participatingentities to securely, and immutably store data. DLSs are commonlyreferred to as blockchain networks without referencing any particularuser case. Examples of types of blockchain networks can include publicblockchain networks, private blockchain networks, and consortiumblockchain networks. A consortium blockchain network is provided for aselect group of entities, which control the consensus process, andincludes an access control layer.

Digital networks have enabled people around the world to findinformation and interact with each other conveniently and efficiently.For example, social media platforms allow people to easily sharemessages, photos, and videos with friends and colleagues. Onlineshopping web sites allow consumers to easily find information on avariety of products and send payments electronically to purchaseproducts from businesses all over the world. News web sites provideusers with up-to-date information about events happening around theworld. Media platforms provide a large collection of music and moviesfor users to download or stream online. Users can use various kinds offinancial services online and international transactions can be moreeasily made. Ride hailing platforms allow riders to easily find and payfor transportation using mobile phones. As more people are connected tothe Internet and more transactions are conducted digitally, the numberof fraudulent online activities and disputes between parties alsoincrease.

Traditional secure messaging network such as SWIFT normally supportspeer to peer messages. The syntax of the messages is designed for thetwo parties involved to ensure data security and privacy. However, dueto different international technical or financial regulations, messagescan pass through multiple nodes before reaching their final destination,making them time-consuming, costly and lacking transparency. When morethan two parties are involved, the routing of messages between multipleparties became increasingly inefficient under the peer to peerinfrastructure.

It would be desirable to have a unified platform that can providetransparent, immutable, and verifiable messaging records, while ensuringdata privacy of the parties involved.

SUMMARY

Described embodiments of the subject matter can include one or morefeatures, alone or in combination.

For example, in one embodiment, a computer-implemented method performedby a computing system associated with at least one guarantor forprocessing guarantee information to be stored on a blockchain, themethod comprises: receiving, from a computing device associated with anapplicant, an application of a guarantee made by at least a firstguarantor to a beneficiary, wherein the application includes informationassociated with an identity of the applicant, an identity of thebeneficiary, and one or more predetermined conditions of executing theguarantee; generating a digital version of the guarantee based on theinformation included in the application; encrypting the digital versionto generate cyphertext of the guarantee; generating one or morezero-knowledge proofs (ZKPs) related to one or more values associatedwith the guarantee; and sending the cyphertext of the guarantee and theone or more ZKPs to a blockchain network to store the cyphertext of theguarantee on a blockchain, wherein the cyphertext of the guarantee isstored on the blockchain through consensus of blockchain nodes of theblockchain network after the one or more ZKPs are successfully verifiedby the blockchain nodes.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving acyphertext of a digital document specifying a guarantee from a firstcomputing device associated with a first guarantor and one or more ZKPsrelated to one or more values associated with the guarantee, wherein theguarantee is made by the first guarantor to a beneficiary, and thedigital document specifies one or more predetermined conditions ofexecuting the guarantee; verifying that the one or more ZKPs arecorrect; upon verifying that the one or more ZKPs are correct, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a first message from a second computing deviceassociated with a beneficiary or a representative of the beneficiary,the first message including an acceptance of the guarantee by thebeneficiary; and updating a status of the guarantee to indicate that theguarantee has been accepted by the beneficiary.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving acyphertext of a digital document specifying a guarantee and one or moreZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by at least a first guarantor to abeneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; verifying the oneor more ZKPs; upon successfully verifying the one or more ZKPs, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a drawdown request of the guarantee from a firstcomputing device associated with the beneficiary or a representative ofthe beneficiary; storing the drawdown request to the blockchain based onperforming a consensus algorithm; delivering a first message about thedrawdown request to a second computing device associated with the firstguarantor; receiving a second message from the second computing deviceassociated with the first guarantor indicating that the first guarantoragrees to make a payment to the beneficiary according to the guarantee;updating a status of the guarantee stored in the blockchain to indicatethat a drawdown request of the guarantee has been processed by the firstguarantor; delivering a third message to the first computing deviceassociated with the beneficiary or the representative of the beneficiaryindicating that the first guarantor agrees to make the payment to thebeneficiary according to the guarantee; receiving a fourth message fromthe first computing device associated with the beneficiary or therepresentative of the beneficiary indicating that the payment from thefirst guarantor has been received by the beneficiary; and updating astatus of the guarantee stored in the blockchain to indicate that thepayment of the guarantee has been received by the beneficiary.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving acyphertext of a digital document specifying a guarantee and one or moreZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by at least a first guarantor to abeneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; verifying the oneor more ZKPs; upon successfully verifying the one or more ZKPs, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a first message from a first computing deviceassociated with the beneficiary or a representative of the beneficiaryindicating there is no outstanding claim for the guarantee; sending asecond message to a second computing device associated with the firstguarantor to confirm that the first guarantor is discharged fromundertaking payment under the guarantee; receiving a third message fromthe second computing device associated with the first guarantorrequesting a status of the guarantee to be changed to expired; andupdating the status of the guarantee stored in the blockchain toindicate that the guarantee has expired.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving a firstcyphertext of a first digital document specifying a guarantee from afirst computing device associated with at least a first guarantor andone or more ZKPs related to one or more values associated with theguarantee, wherein the guarantee is made by the at least a firstguarantor to a beneficiary, and the first digital document specifies oneor more predetermined conditions of executing the guarantee; verifyingthat the one or more ZKPs are correct; upon verifying that the one ormore ZKPs are correct, storing the first cyphertext to a blockchainbased on performing a consensus algorithm; receiving a first messagefrom a second computing device associated with a beneficiary or arepresentative of the beneficiary, the first message including a requestto modify the guarantee; sending a second message about the request tomodify the guarantee to the first computing device; and receiving fromthe first computing device a second cyphertext of a second digitaldocument specifying the guarantee, the second digital documentrepresenting a modified version of the first digital document in whichthe modification was made based on the request.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving acyphertext of a digital document specifying a guarantee from a firstcomputing device associated with at least a first guarantor and one ormore ZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by the at least a first guarantor to abeneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; verifying that theone or more ZKPs are correct; upon verifying that the one or more ZKPsare correct, storing the first cyphertext to a blockchain based onperforming a consensus algorithm; receiving a first message from thefirst computing device associated with the at least a first guarantor,the first message including a request to cancel the guarantee; storingthe request to cancel the guarantee in the blockchain; sending a secondmessage to a second computing device associated with the beneficiary ora representative of the beneficiary, wherein the second message includesthe request to cancel the guarantee; receiving a third message from thesecond computing device associated with the beneficiary or therepresentative of the beneficiary, wherein the third message includes aconfirmation that the beneficiary accepts cancellation of the guarantee;and updating a status of the guarantee stored in the blockchain toindicate that the guarantee has been canceled.

In another embodiment, a computer-implemented method performed by ablockchain node of a blockchain network comprises: receiving, by ablockchain node of a first blockchain network, a cross-chain request forrelaying a cyphertext of a digital document to a second blockchainnetwork, wherein the cross-chain request is sent from a first computingdevice associated with a first guarantor, the digital document specifiesa guarantee from the first guarantor and one or more predeterminedconditions of executing the guarantee, and wherein the guarantee is madeby the first guarantor to a beneficiary, and the digital documentspecifies one or more predetermined conditions of executing theguarantee; storing the cross-chain request and the cyphertext to a firstblockchain associated with the first blockchain network based onperforming a consensus algorithm; receiving a message from a secondcomputing device for relaying information between the first blockchainnetwork and the second blockchain network, the message includes aconfirmation that the guarantee is accepted by the beneficiary andstored on a second blockchain associated with the second blockchainnetwork; and updating a status of the guarantee to indicate that theguarantee has been voided on the first blockchain.

In some embodiments, these general and specific aspects may beimplemented using a system, a method, or a computer program, or anycombination of systems, methods, and computer programs. The foregoingand other described embodiments can each, optionally, include one ormore of the following aspects:

In some embodiments, the guarantee is in a form of a standby letter ofcredit (SBLC). In some embodiments, the guarantee specifies that theguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In some embodiments, the guarantor is an offshore bank that serves theapplicant, and the predetermined amount is paid to the beneficiarythrough an onshore bank that serves the beneficiary when the one or morepredetermined conditions are met.

In some embodiments, the application further includes information thatspecifies an identity of the onshore bank.

In some embodiments, the application further includes information thatproves the applicant is capable of paying off the predetermined amountin case of the applicant is in default of the SBLC.

In some embodiments, the identity of the applicant includes one or moreof the applicant's name, address, phone number, e-mail address, and typeof business.

In some embodiments, the identity of the beneficiary includes one ormore of the beneficiary's name, address, phone number, e-mail address,and type of business.

In some embodiments, the one or more predetermined conditions includeone or more of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date.

In some embodiments, at least one of the one or more ZKPs is generatedbased on homomorphic encryption.

In some embodiments, the one or more ZKPs includes one or more of arange proof and a zero test.

In some embodiments, an encryption key for encrypting the digitalversion is derived based on a linear secret sharing scheme.

In some embodiments, the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet.

In some embodiments, the first guarantor is a first bank that serves theapplicant, the second guarantor is a second bank that serves theapplicant, and the application further includes information that provesthe applicant has sufficient funds in the first bank and the second bankto pay off the predetermined amount in case the applicant is in defaultof the SBLC.

It is appreciated that methods in accordance with this specification mayinclude any combination of the aspects and features described herein.That is, methods in accordance with this specification are not limitedto the combinations of aspects and features specifically describedherein, but also include any combination of the aspects and featuresprovided.

The details of one or more embodiments of this specification are setforth in the accompanying drawings and the description below. Otherfeatures and advantages of this specification will be apparent from thedescription and drawings, and from the claims.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a diagram illustrating an example of an environment that canbe used to execute embodiments of this specification.

FIG. 2 is a diagram illustrating an example of an architecture inaccordance with embodiments of this specification.

FIG. 3 is a diagram illustrating an example of a blockchain network inaccordance with embodiments of this specification.

FIG. 4 is a flow diagram illustrating an example of message flowsbetween a guarantor's internal system and a blockchain network inaccordance with embodiments of this specification.

FIG. 5 is an example of source code of a standby letter of credit inaccordance with embodiments of this specification.

FIG. 6 is a diagram illustrating an example of cryptographicaloperations performed on a standby letter of credit in accordance withembodiments of this specification.

FIG. 7 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit issuing process in accordance withembodiments of this specification.

FIG. 8 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit drawdown process in accordance withembodiments of this specification.

FIG. 9 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit expiration process in accordance withembodiments of this specification.

FIG. 10 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit amendment process in accordance withembodiments of this specification.

FIG. 11 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit cancellation process in accordancewith embodiments of this specification.

FIG. 12 is a swim-lane diagram illustrating an example of a SBLC issuingprocess based on cross-chain technology in accordance with embodimentsof this specification

FIG. 13 is a diagram of an example of a system for implementing atrustable guarantee platform for enabling trustable guarantees inaccordance with embodiments of this specification.

FIGS. 14a and 14b are diagrams illustrating an example of using theblockchain-based trustable guarantee platform in accordance withembodiments of this specification.

FIG. 15 depicts an example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 16 depicts an example of modules of an apparatus in accordance withembodiments of this specification.

FIG. 17 depicts another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 18 depicts another example of modules of an apparatus in accordancewith embodiments of this specification.

FIG. 19 depicts yet another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 20 depicts yet another example of modules of an apparatus inaccordance with embodiments of this specification.

FIG. 21 depicts yet another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 22 depicts yet another example of modules of an apparatus inaccordance with embodiments of this specification.

FIG. 23 depicts yet another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 24 depicts yet another example of modules of an apparatus inaccordance with embodiments of this specification.

FIG. 25 depicts yet another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 26 depicts yet another example of modules of an apparatus inaccordance with embodiments of this specification.

FIG. 27 depicts yet another example of a process that can be executed inaccordance with embodiments of this specification.

FIG. 28 depicts yet another example of modules of an apparatus inaccordance with embodiments of this specification.

Like reference numbers and designations in the various drawings indicatelike elements.

DETAILED DESCRIPTION

This specification describes technologies for processing guaranteesbased on a blockchain network. These technologies generally involvereceiving, from a computing device associated with an applicant, anapplication of a guarantee made by at least a first guarantor to abeneficiary, wherein the application includes information associatedwith an identity of the applicant, an identity of the beneficiary, andone or more predetermined conditions of executing the guarantee;generating a digital version of the guarantee based on the informationincluded in the application; encrypting the digital version to generatecyphertext of the guarantee; generating one or more zero-knowledgeproofs (ZKPs) related to one or more values associated with theguarantee; and sending the cyphertext of the guarantee and the one ormore ZKPs to a blockchain network to store the cyphertext of theguarantee on a blockchain, wherein the cyphertext of the guarantee isstored on the blockchain through consensus of blockchain nodes of theblockchain network after the one or more ZKPs are successfully verifiedby the blockchain nodes.

This specification also describes technologies for a blockchain-basedletter of credit issuing process. These technologies generally involvereceiving a cyphertext of a digital document specifying a guarantee froma first computing device associated with a first guarantor and one ormore ZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by the first guarantor to a beneficiary,and the digital document specifies one or more predetermined conditionsof executing the guarantee; verifying that the one or more ZKPs arecorrect; upon verifying that the one or more ZKPs are correct, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a first message from a second computing deviceassociated with a beneficiary or a representative of the beneficiary,the first message including an acceptance of the guarantee by thebeneficiary; and updating a status of the guarantee to indicate that theguarantee has been accepted by the beneficiary.

This specification also describes technologies for a blockchain-basedletter of credit drawdown process. These technologies generally involvereceiving a cyphertext of a digital document specifying a guarantee andone or more ZKPs related to one or more values associated with theguarantee, wherein the guarantee is made by at least a first guarantorto a beneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; verifying the oneor more ZKPs; upon successfully verifying the one or more ZKPs, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a drawdown request of the guarantee from a firstcomputing device associated with the beneficiary or a representative ofthe beneficiary; storing the drawdown request to the blockchain based onperforming a consensus algorithm; delivering a first message about thedrawdown request to a second computing device associated with the firstguarantor; receiving a second message from the second computing deviceassociated with the first guarantor indicating that the first guarantoragrees to make a payment to the beneficiary according to the guarantee;updating a status of the guarantee stored in the blockchain to indicatethat a drawdown request of the guarantee has been processed by the firstguarantor; delivering a third message to the first computing deviceassociated with the beneficiary or the representative of the beneficiaryindicating that the first guarantor agrees to make the payment to thebeneficiary according to the guarantee; receiving a fourth message fromthe first computing device associated with the beneficiary or therepresentative of the beneficiary indicating that the payment from thefirst guarantor has been received by the beneficiary; and updating astatus of the guarantee stored in the blockchain to indicate that thepayment of the guarantee has been received by the beneficiary.

This specification also describes technologies for a blockchain-basedletter of credit expiration process. These technologies generallyinvolve receiving a cyphertext of a digital document specifying aguarantee and one or more ZKPs related to one or more values associatedwith the guarantee, wherein the guarantee is made by at least a firstguarantor to a beneficiary, and the digital document specifies one ormore predetermined conditions of executing the guarantee; verifying theone or more ZKPs; upon successfully verifying the one or more ZKPs,storing the cyphertext to a blockchain based on performing a consensusalgorithm; receiving a first message from a first computing deviceassociated with the beneficiary or a representative of the beneficiaryindicating there is no outstanding claim for the guarantee; sending asecond message to a second computing device associated with the firstguarantor to confirm that the first guarantor is discharged fromundertaking payment under the guarantee; receiving a third message fromthe second computing device associated with the first guarantorrequesting a status of the guarantee to be changed to expired; andupdating the status of the guarantee stored in the blockchain toindicate that the guarantee has expired.

This specification also describes technologies for a blockchain-basedletter of credit amendment process. These technologies generally involvereceiving a first cyphertext of a first digital document specifying aguarantee from a first computing device associated with at least a firstguarantor and one or more ZKPs related to one or more values associatedwith the guarantee, wherein the guarantee is made by the at least afirst guarantor to a beneficiary, and the first digital documentspecifies one or more predetermined conditions of executing theguarantee; verifying that the one or more ZKPs are correct; uponverifying that the one or more ZKPs are correct, storing the firstcyphertext to a blockchain based on performing a consensus algorithm;receiving a first message from a second computing device associated witha beneficiary or a representative of the beneficiary, the first messageincluding a request to modify the guarantee; sending a second messageabout the request to modify the guarantee to the first computing device;and receiving from the first computing device a second cyphertext of asecond digital document specifying the guarantee, the second digitaldocument representing a modified version of the first digital documentin which the modification was made based on the request.

This specification also describes technologies for a blockchain-basedletter of credit cancellation process. These technologies generallyinvolve receiving a cyphertext of a digital document specifying aguarantee from a first computing device associated with at least a firstguarantor and one or more ZKPs related to one or more values associatedwith the guarantee, wherein the guarantee is made by the at least afirst guarantor to a beneficiary, and the digital document specifies oneor more predetermined conditions of executing the guarantee; verifyingthat the one or more ZKPs are correct; upon verifying that the one ormore ZKPs are correct, storing the first cyphertext to a blockchainbased on performing a consensus algorithm; receiving a first messagefrom the first computing device associated with the at least a firstguarantor, the first message including a request to cancel theguarantee; storing the request to cancel the guarantee in theblockchain; sending a second message to a second computing deviceassociated with the beneficiary or a representative of the beneficiary,wherein the second message includes the request to cancel the guarantee;receiving a third message from the second computing device associatedwith the beneficiary or the representative of the beneficiary, whereinthe third message includes a confirmation that the beneficiary acceptscancellation of the guarantee; and updating a status of the guaranteestored in the blockchain to indicate that the guarantee has beencanceled.

This specification also describes technologies for a SBLC issuingprocess based on cross-chain technology. These technologies generallyinvolve receiving, by a blockchain node of a first blockchain network, across-chain request for relaying a cyphertext of a digital document to asecond blockchain network, wherein the cross-chain request is sent froma first computing device associated with a first guarantor, the digitaldocument specifies a guarantee from the first guarantor and one or morepredetermined conditions of executing the guarantee, and wherein theguarantee is made by the first guarantor to a beneficiary, and thedigital document specifies one or more predetermined conditions ofexecuting the guarantee; storing the cross-chain request and thecyphertext to a first blockchain associated with the first blockchainnetwork based on performing a consensus algorithm; receiving a messagefrom a second computing device for relaying information between thefirst blockchain network and the second blockchain network, the messageincludes a confirmation that the guarantee is accepted by thebeneficiary and stored on a second blockchain associated with the secondblockchain network; and updating a status of the guarantee to indicatethat the guarantee has been voided on the first blockchain.

The techniques described in this specification produce several technicaleffects. In some embodiments, guarantee services can be provided by aplurality of guarantors. The entire lifecycle of the services betweenthe guarantors can be recorded on a blockchain. For example, theblockchain can store an immutable and transparent chain-of-record ofinteractions between the guarantors. Because the records on theblockchain are reached through consensus, they can be easily verifiedand trusted by all blockchain nodes. As compared to peer to peerencrypted communications between two parties, the use of blockchaintechnology improves efficiency of secured transactions when more thantwo parties are involved.

In some embodiments, guarantees can be time sensitive. For example,disputes on time may arise due to timing of cancellation or expirationof an SBLC, especially when the guarantors include onshore and offshorebanks located in different time zones. The use of blockchain can providetrusted time for each interaction, such that potential disputes on timecan be alleviated.

In some embodiments, each party involved in a transaction associatedwith the guarantee services can embed a unique identification (ID) thatidentifies its identity. The party can also add its digital signaturewhen sending messages through the blockchain network. As such, theidentity of the party can be verified and trusted. The unique ID canalso be used to trace all transactions on the blockchain performed bythe party.

In some embodiments, the guarantees to be recorded on the blockchain canbe encrypted. The encryption keys can be generated and shared among theparties involved in the related transactions. The guarantors can alsoprovide zero knowledge proofs (ZKPs) to consensus nodes of theblockchain network. The ZKPs can be used by the consensus nodes toverify whether the values in the guarantee are applicable to validtransactions (e.g., whether the values are within certain reasonablerange) without knowing the actual values. The consensus nodes onlyperform consensus after the ZKPs are verified. As such, privacy andsecurity of the content of the guarantees recorded on the blockchain canbe ensured.

In some embodiments, data privacy of the guarantees can further beprotected based on using the trusted execution environment (TEE)technology. The TEE serves as an isolated and trusted computingenvironment that can be integrated in the blockchain nodes of theblockchain network. The TEE processes plaintext of the guarantee contentand outputs cyphertext of the content. Using the TEE technology, theguarantee can be easily updated inside the TEE without revealing anycontent or updates. Moreover, the output of the TEE is encrypted andtrusted by all blockchain nodes of the blockchain network, hence can beefficiently stored to the blockchain after the blockchain nodes reachconsensus.

To provide further context for embodiments of this specification, and asintroduced above, distributed ledger systems (DLSs), which can also bereferred to as consensus networks (e.g., made up of peer-to-peer nodes),and blockchain networks, enable participating entities to securely, andimmutably conduct transactions, and store data. Although the termblockchain is generally associated with particular networks, and/or usecases, blockchain is used herein to generally refer to a DLS withoutreference to any particular use case.

A blockchain is a data structure that stores transactions in a way thatthe transactions are immutable. Thus, transactions recorded on ablockchain are reliable and trustworthy. A blockchain includes one ormore blocks. Each block in the chain is linked to a previous blockimmediately before it in the chain by including a cryptographic hash ofthe previous block. Each block also includes a timestamp, its owncryptographic hash, and one or more transactions. The transactions,which have already been verified by the nodes of the blockchain network,are hashed and encoded into a Merkle tree. A Merkle tree is a datastructure in which data at the leaf nodes of the tree is hashed, and allhashes in each branch of the tree are concatenated at the root of thebranch. This process continues up the tree to the root of the entiretree, which stores a hash that is representative of all data in thetree. A hash purporting to be of a transaction stored in the tree can bequickly verified by determining whether it is consistent with thestructure of the tree.

Whereas a blockchain is a decentralized or at least partiallydecentralized data structure for storing transactions, a blockchainnetwork is a network of computing nodes that manage, update, andmaintain one or more blockchains by broadcasting, verifying andvalidating transactions, etc. As introduced above, a blockchain networkcan be provided as a public blockchain network, a private blockchainnetwork, or a consortium blockchain network. Embodiments of thisspecification are described in further detail herein with reference to aconsortium blockchain network. It is contemplated, however, thatembodiments of this specification can be realized in any appropriatetype of blockchain network.

In general, a consortium blockchain network is private among theparticipating entities. In a consortium blockchain network, theconsensus process is controlled by an authorized set of nodes, which canbe referred to as consensus nodes, one or more consensus nodes beingoperated by a respective entity (e.g., a financial institution,insurance company). For example, a consortium of ten (10) entities(e.g., financial institutions, insurance companies) can operate aconsortium blockchain network, each of which operates at least one nodein the consortium blockchain network.

In some examples, within a consortium blockchain network, a globalblockchain is provided as a blockchain that is replicated across allnodes. That is, all consensus nodes are in perfect state consensus withrespect to the global blockchain. To achieve consensus (e.g., agreementto the addition of a block to a blockchain), a consensus protocol isimplemented within the consortium blockchain network. For example, theconsortium blockchain network can implement a practical Byzantine faulttolerance (PBFT) consensus, described in further detail below.

FIG. 1 is a diagram illustrating an example of an environment 100 thatcan be used to execute embodiments of this specification. In someexamples, the environment 100 enables entities to participate in aconsortium blockchain network 102. The environment 100 includescomputing systems 106, 108, and a network 110. In some examples, thenetwork 110 includes a local area network (LAN), wide area network(WAN), the Internet, or a combination thereof, and connects web sites,user devices (e.g., computing devices), and back-end systems. In someexamples, the network 110 can be accessed over a wired and/or a wirelesscommunications link. In some examples, the network 110 enablescommunication with, and within the consortium blockchain network 102. Ingeneral, the network 110 represents one or more communication networks.In some cases, the computing systems 106, 108 can be nodes of a cloudcomputing system (not shown), or each of the computing systems 106, 108can be a separate cloud computing system including a number of computersinterconnected by a network and functioning as a distributed processingsystem.

In the depicted example, the computing systems 106, 108 can each includeany appropriate computing device that enables participation as a node inthe consortium blockchain network 102. Examples of computing devicesinclude, without limitation, a server, a desktop computer, a laptopcomputer, a tablet computing device, and a smartphone. In some examples,the computing systems 106, 108 host one or more computer-implementedservices for interacting with the consortium blockchain network 102. Forexample, the computing system 106 can host computer-implemented servicesof a first entity (e.g., user A), such as a transaction managementsystem that the first entity uses to manage its transactions with one ormore other entities (e.g., other users). The computing system 108 canhost computer-implemented services of a second entity (e.g., user B),such as a transaction management system that the second entity uses tomanage its transactions with one or more other entities (e.g., otherusers). In the example of FIG. 1, the consortium blockchain network 102is represented as a peer-to-peer network of nodes, and the computingsystems 106, 108 provide nodes of the first entity, and second entityrespectively, which participate in the consortium blockchain network102.

FIG. 2 depicts an example of an architecture 200 in accordance withembodiments of this specification. The example conceptual architecture200 includes participant systems 202, 204, 206 that correspond toParticipant A, Participant B, and Participant C, respectively. Eachparticipant (e.g., user, enterprise) participates in a blockchainnetwork 212 provided as a peer-to-peer network including a plurality ofnodes 214, at least some of which immutably record information in ablockchain 216. Although a single blockchain 216 is schematicallydepicted within the blockchain network 212, multiple copies of theblockchain 216 are provided, and are maintained across the blockchainnetwork 212, as described in further detail herein.

In the depicted example, each participant system 202, 204, 206 isprovided by, or on behalf of Participant A, Participant B, andParticipant C, respectively, and functions as a respective node 214within the blockchain network. As used herein, a node generally refersto an individual system (e.g., computer, server) that is connected tothe blockchain network 212, and enables a respective participant toparticipate in the blockchain network. In the example of FIG. 2, aparticipant corresponds to each node 214. It is contemplated, however,that a participant can operate multiple nodes 214 within the blockchainnetwork 212, and/or multiple participants can share a node 214. In someexamples, the participant systems 202, 204, 206 communicate with, orthrough the blockchain network 212 using a protocol (e.g., hypertexttransfer protocol secure (HTTPS)), and/or using remote procedure calls(RPCs).

Nodes 214 can have varying degrees of participation within theblockchain network 212. For example, some nodes 214 can participate inthe consensus process (e.g., as miner nodes that add blocks to theblockchain 216), while other nodes 214 do not participate in theconsensus process. As another example, some nodes 214 store a completecopy of the blockchain 216, while other nodes 214 only store copies ofportions of the blockchain 216. For example, data access privileges canlimit the blockchain data that a respective participant stores withinits respective system. In the example of FIG. 2, the participant systems202, 204, and 206 store respective, complete copies 216′, 216″, and216′″ of the blockchain 216.

A blockchain (e.g., the blockchain 216 of FIG. 2) is made up of a chainof blocks, each block storing data. Examples of data include transactiondata representative of a transaction between two or more participants.While transactions are used herein by way of non-limiting example, it iscontemplated that any appropriate data can be stored in a blockchain(e.g., documents, images, videos, audio). Examples of a transaction caninclude, without limitation, exchanges of something of value (e.g.,assets, products, services, currency). The transaction data is immutablystored within the blockchain. That is, the transaction data cannot bechanged.

Before storing in a block, the transaction data is hashed. Hashing is aprocess of transforming the transaction data (provided as string data)into a fixed-length hash value (also provided as string data). It is notpossible to un-hash the hash value to obtain the transaction data.Hashing ensures that even a slight change in the transaction dataresults in a completely different hash value. Further, and as notedabove, the hash value is of fixed length. That is, no matter the size ofthe transaction data the length of the hash value is fixed. Hashingincludes processing the transaction data through a hash function togenerate the hash value. An example of a hash function includes, withoutlimitation, the secure hash algorithm (SHA)-256, which outputs 256-bithash values.

Transaction data of multiple transactions are hashed and stored in ablock. For example, hash values of two transactions are provided, andare themselves hashed to provide another hash. This process is repeateduntil, for all transactions to be stored in a block, a single hash valueis provided. This hash value is referred to as a Merkle root hash, andis stored in a header of the block. A change in any of the transactionswill result in change in its hash value, and ultimately, a change in theMerkle root hash.

Blocks are added to the blockchain through a consensus protocol.Multiple nodes within the blockchain network participate in theconsensus protocol, and perform work to have a block added to theblockchain. Such nodes are referred to as consensus nodes. PBFT,introduced above, is used as a non-limiting example of a consensusprotocol. The consensus nodes execute the consensus protocol to addtransactions to the blockchain, and update the overall state of theblockchain network.

In further detail, the consensus node generates a block header, hashesall of the transactions in the block, and combines the hash value inpairs to generate further hash values until a single hash value isprovided for all transactions in the block (the Merkle root hash). Thishash is added to the block header. The consensus node also determinesthe hash value of the most recent block in the blockchain (i.e., thelast block added to the blockchain). The consensus node also adds anonce value, and a timestamp to the block header.

In general, PBFT provides a practical Byzantine state machinereplication that tolerates Byzantine faults (e.g., malfunctioning nodes,malicious nodes). This is achieved in PBFT by assuming that faults willoccur (e.g., assuming the existence of independent node failures, and/ormanipulated messages sent by consensus nodes). In PBFT, the consensusnodes are provided in a sequence that includes a primary consensus node,and backup consensus nodes. The primary consensus node is periodicallychanged. Transactions are added to the blockchain by all consensus nodeswithin the blockchain network reaching an agreement as to the worldstate of the blockchain network. In this process, messages aretransmitted between consensus nodes, and each consensus nodes provesthat a message is received from a specified peer node, and verifies thatthe message was not modified during transmission.

In PBFT, the consensus protocol is provided in multiple phases with allconsensus nodes beginning in the same state. To begin, a client sends arequest to the primary consensus node to invoke a service operation(e.g., execute a transaction within the blockchain network). In responseto receiving the request, the primary consensus node multicasts therequest to the backup consensus nodes. The backup consensus nodesexecute the request, and each sends a reply to the client. The clientwaits until a threshold number of replies are received. In someexamples, the client waits for f+1 replies to be received, where f isthe maximum number of faulty consensus nodes that can be toleratedwithin the blockchain network. The final result is that a sufficientnumber of consensus nodes come to an agreement on the order of therecord that is to be added to the blockchain, and the record is eitheraccepted, or rejected.

In some blockchain networks, cryptography is implemented to maintainprivacy of transactions. For example, if two nodes want to keep atransaction private, such that other nodes in the blockchain networkcannot discern details of the transaction, the nodes can encrypt thetransaction data. An example of cryptography includes, withoutlimitation, symmetric encryption, and asymmetric encryption. Symmetricencryption refers to an encryption process that uses a single key forboth encryption (generating cyphertext from plaintext), and decryption(generating plaintext from cyphertext). In symmetric encryption, thesame key is available to multiple nodes, so each node can en-/de-crypttransaction data.

Asymmetric encryption uses keys pairs that each include a private key,and a public key, the private key being known only to a respective node,and the public key being known to any or all other nodes in theblockchain network. A node can use the public key of another node toencrypt data, and the encrypted data can be decrypted using other node'sprivate key. For example, and referring again to FIG. 2, Participant Acan use Participant B's public key to encrypt data, and send theencrypted data to Participant B. Participant B can use its private keyto de-crypt the encrypted data (cyphertext) and extract the originaldata (plaintext). Messages encrypted with a node's public key can onlybe decrypted using the node's private key.

Asymmetric encryption is used to provide digital signatures, whichenables participants in a transaction to confirm other participants inthe transaction, as well as the validity of the transaction. Forexample, a node can digitally sign a message, and another node canconfirm that the message was sent by the node based on the digitalsignature of Participant A. Digital signatures can also be used toensure that messages are not tampered with in transit. For example, andagain referencing FIG. 2, Participant A is to send a message toParticipant B. Participant A generates a hash of the message, and then,using its private key, encrypts the hash to provide a digital signatureas the encrypted hash. Participant A appends the digital signature tothe message, and sends the message with digital signature to ParticipantB. Participant B decrypts the digital signature using the public key ofParticipant A, and extracts the hash. Participant B hashes the messageand compares the hashes. If the hashes are same, Participant B canconfirm that the message was indeed from Participant A, and was nottampered with.

In some embodiments, nodes of the blockchain network, and/or nodes thatcommunicate with the blockchain network can operate using trustedexecution environments (TEEs). At a high-level, a TEE is a trustedenvironment within hardware (one or more processors, memory) that isisolated from the hardware's operating environment (e.g., operatingsystem (OS), basic input/output system (BIOS)). In further detail, a TEEis a separate, secure area of a processor that ensures theconfidentiality, and integrity of code executing, and data loaded withinthe main processor. Within a processor, the TEE runs in parallel withthe OS. At least portions of so-called trusted applications (TAs)execute within the TEE, and have access to the processor and memory.Through the TEE, the TAs are protected from other applications runningin the main OS. Further, the TEE cryptographically isolates TAs from oneanother inside the TEE.

An example of a TEE includes Software Guard Extensions (SGX) provided byIntel Corporation of Santa Clara, Calif., United States. Although SGX isdiscussed herein by way of example, it is contemplated that embodimentsof this specification can be realized using any appropriate TEE.

SGX provides a hardware-based TEE. In SGX, the trusted hardware is thedie of the central processing until (CPU), and a portion of physicalmemory is isolated to protect select code and data. The isolatedportions of memory are referred to as enclaves. More particularly, anenclave is provided as an enclave page cache (EPC) in memory and ismapped to an application address space. The memory (e.g., DRAM) includesa preserved random memory (PRM) for SGX. The PRM is a continuous memoryspace in the lowest BIOS level and cannot be accessed by any software.Each EPC is a memory set (e.g., 4 KB) that is allocated by an OS to loadapplication data and code in the PRM. EPC metadata (EPCM) is the entryaddress for respective EPCs and ensures that each EPC can only be sharedby one enclave. That is, a single enclave can use multiple EPCs, whilean EPC is dedicated to a single enclave.

During execution of a TA, the processor operates in a so-called enclavemode when accessing data stored in an enclave. Operation in the enclavemode enforces an extra hardware check to each memory access. In SGX, aTA is compiled to a trusted portion, and an untrusted portion. Thetrusted portion is inaccessible by, for example, OS, BIOS, privilegedsystem code, virtual machine manager (VMM), system management mode(SMM), and the like. In operation, the TA runs and creates an enclavewithin the PRM of the memory. A trusted function executed by the trustedportion within the enclave is called by the untrusted portion, and codeexecuting within the enclave sees the data as plaintext data(unencrypted), and external access to the data is denied. The trustedportion provides an encrypted response to the call, and the TA continuesto execute.

An attestation process can be performed to verify that expected code(e.g., the trusted portion of the TA) is securely executing within theSGX-provided TEE. In general, the attestation process includes a TAreceiving an attestation request from a challenger (e.g., another nodein the blockchain network, a key management system (KMS) of theblockchain network). In response, the TA requests that its enclaveproduce a remote-attestation, also referred to as a quote. Producing theremote-attestation includes a local-attestation being sent from theenclave to a so-called quoting enclave, which verifies thelocal-attestation, and converts the local-attestation into theremote-attestation by signing the local-attestation using an asymmetricattestation key. The remote-attestation (quote) is provided to thechallenger (e.g., KMS of the blockchain network).

The challenger uses an attestation verification service to verify theremote-attestation. For SGX, Intel provides the Intel AttestationService (IAS), which receives the remote-attestation from thechallenger, and verifies the remote-attestation. More particularly, theIAS processes the remote-attestation, and provides a report (e.g.,attestation verification report (AVR)), which indicates whether theremote-attestation is verified. If not verified, an error can beindicated. If verified (the expected code is securely executing in theTEE), the challenger can start, or continue interactions with the TA.For example, in response to the verification, the KMS (as challenger)can issue asymmetric encryption keys (e.g., a public-key and private-keypair) to the node executing the TEE (e.g., through a key exchangeprocess, such as elliptical curve Diffie-Hellman (ECDH)) to enable thenode to securely communicate with other nodes, and/or clients.Additional details of the TEE technology is described in, e.g., PCTapplication PCT/CN2019/081180, filed on Apr. 3, 2019, the contents ofwhich are incorporated by reference.

FIG. 3 is a diagram illustrating an example of a system 300 inaccordance with embodiments of this specification. The system 300 caninclude a blockchain network 310 that includes a plurality of blockchainnodes. The blockchain nodes are associated with and/or maintain ablockchain. The blockchain nodes can reach consensus on transactionsrelated to events of a lifecycle of a guarantee. The guarantee can beany assurances made by at least one guarantor to at least onebeneficiary. For example, in a purchase transaction in which a buyerbuys goods from a seller, the seller promises to deliver certain goodsand the buyer promises to pay a certain amount of money to the seller,the guarantee can be made by a bank guaranteeing that the buyer'spayment to the seller will be received on time and for the correctamount. In the event that the buyer is unable to pay the full amount onthe purchase upon the due date, the bank will cover the full orremaining amount of the purchase. This type of guarantees can bereferred to as letter of credit or documentary credit. In some examples,the bank's client may be the buyer, in which the bank provides aguarantee to the seller on behalf of the buyer. For example, theguarantees can be made by the bank to pay the seller in the event thatthe buyer (which can be the bank's client) defaults on the agreementwith the seller. This type of guarantees can be referred to as a standbyletter of credit (SBLC), sometimes also abbreviated as SLOC. The SBLC isoften used to help facilitate international trade between companies thatare unfamiliar with each other or are located in countries or regionsthat have different laws and regulations.

Using SBLC as an example of a guarantee, events in a lifecycle of anSBLC can include, but not limited to, e.g., one or more of SBLCissuance, drawdown, cancelation, and amendment, etc. As explained above,the SBLC is a bank guarantee document that the applicant/debtor (usuallybuyer or importer) guarantees to the beneficiary/creditor (usually thesupplier, seller, or exporter) that the bank (i.e., the issuing bank)can substitute the applicant/debtor as debtor in case of default,subject to the condition that the creditor presents to the bank theproof of existence of a claim, e.g., by presenting the SBLC to the bank.The SBLC can be used to secure the performance of a contract, anobligation, or a flow of business transactions.

The SBLC provides an additional guarantee to the beneficiary that thebeneficiary is assured of collecting the amount of the debts. Forexample, the SBLC is a financial contract that is provided in additionto a marketing contract or a purchase order contract between the debtorand the beneficiary. For example, when a buyer (debtor) intends to buygoods from a seller (beneficiary), the buyer and the seller sign apurchase order contract (or agreement) or marketing contract (oragreement) stating the terms of the transaction, such as specificationof the goods, the costs of the goods, and the deadlines for delivery ofthe goods and the payments. The purchase order contract is an agreementbetween the buyer and seller. The bank is not a party to the purchaseorder contract, but is a party to the SBLC. The bank that issues theSBLC can be called an issuing bank 302. The creditor's bank can becalled a beneficiary bank 306. In some examples in this specification,the transaction is between a seller located in a first country (onshore)who sells to a buyer located in a second country (offshore). Thus, theissuing bank 302 is also referred to as an offshore bank 302, and thebeneficiary bank 306 is also referred as an onshore bank 306. Theissuing bank 302 guarantees through issuance of the SBLC that, for afixed period of time, on the instruction of the applicant of the SBLC,to pay a guaranteed amount in the event of default by the applicant,even if the applicant is not solvent and cannot repay the issuing bank302. If the debtor has already paid the debt in part or in full based onthe marketing contract, or the SBLC has expired, the SBLC can be amendedor canceled.

In some embodiments, the guaranteed amount of credit in the SBLC can beviewed as a loan applied for by the applicant and pre-approved by theissuing bank 302. If the SBLC is executed before its expiration, theloan is released to the beneficiary through the beneficiary bank 306.The applicant will then need to pay off the loan to the issuing bank302. If the SBLC is never executed during its lifecycle, the loan willbe canceled at expiration and never be released to the beneficiary.

The SBLC can be practical for business operations that have repeatedtransactions. For example, in a long-term or regular businessrelationship, a seller who carries out transactions with a buyerregularly for large amounts or sometimes initiates product deliverybefore receiving the payment can be assured of having the guaranteedfunds. In such cases, the SBLC can be put in place at the beginning ofthe business relationship and be used for all ensuing transactionsbetween the parties until the buyer defaults, or the SBLC is canceled orexpired.

In some embodiments, transactions associated with events of an SBLC'slifecycle can be initiated by the issuing bank 302 or the beneficiarybank 306. For example, the issuing bank's 302 internal system canperform an internal transaction approval process and store theinternally approved transactions on the blockchain through a cloud node304. In some embodiments, the cloud node 304 can be the issuing bank's302 blockchain node of the blockchain network 310. The cloud node 304can be managed and controlled by the issuing bank 302 and participate inthe consensus of the blockchain network 310. The blockchain nodes of theblockchain network 310 can pre-verify the transactions. Thepre-verification can include verifying digital signature and legitimacyof the transactions based on ZKPs. After the transactions passpre-verification, they can be included in blocks to be appended to theblockchain. The beneficiary bank 306 can retrieve the relevanttransactions from the blockchain via a cloud node 308 and invoke its owninternal system for transaction approval. Similar to the cloud node 304of the issuing bank 302, the cloud node 308 can be the beneficiarybank's 306 consensus node of the blockchain network 310.

FIG. 4 is a flow diagram illustrating an example 400 of message flowsbetween a guarantor's internal system and a blockchain network inaccordance with embodiments of this specification. At a high-level, theguarantor's internal system 401 can include an application (APP) 402, adatabase 404, a key management system (KMS) 406, and a computing andconnectivity component 408. In some embodiments, the internal system 401can include less or more components. The internal system 401 isconnected to a blockchain network 409 that includes a plurality ofblockchain nodes (only blockchain node 410 and blockchain node 412 aredepicted in FIG. 4 for illustration purposes, it is understood that theblockchain network 409 can include many additional blockchain nodes).

The APP 402 can be a software program for providing guarantee services.The APP 402 can be an interface between an applicant of a guarantee andthe guarantor's internal system 401. For example, the APP 402 can beused to receive input including applicant's identity information,timing, amount, conditions, and content of the guarantee, etc. In someembodiments, data related to the guarantee can be stored in a database404. The database 404 can include any memory or database module and cantake the form of volatile or non-volatile memory, including, withoutlimitation, magnetic media, optical media, random access memory (RAM),read-only memory (ROM), removable media, or any other suitable local orremote memory component. The database 404 can store various objects ordata, including classes, frameworks, applications, backup data, businessobjects, jobs, web pages, web page templates, database tables,repositories storing business or dynamic information, and any otherappropriate information including any parameters, variables, algorithms,instructions, rules, constraints, or references thereto associated withthe purposes of the APP 402 or the internal system 401.

Example data can include input from the applicant, data sent orforwarded by other guarantors involved in transactions related to theguarantee, templates, and encryption keys, etc. Additionally, thedatabase 404 can include any other appropriate data, such as VPNapplications, firmware logs and policies, firewall policies, a securityor access log, print or other reporting files, as well as others. Insome examples, the APP 402 can retrieve data from the database 404through a database application program interface (API).

The APP 402 can communicate information related to the guarantee with acomputing and connectivity component 408. In some embodiments, thecomputing and connectivity component 408 can include a trusted computingmodule 420, a trusted timing module 422, and a trusted identity module424. The trusted computing module 420 can include one or more processorsto execute instructions provided by a software development kit (SDK).Example instructions can include performing encryption, generatingdigital signatures and/or ZKPs, or other applicable proofs. In someembodiments, the one or more data processors can have a TEE that isisolated from the one or more processors' operating system andconfigured to provide enhanced confidentiality and integrity of codeexecuting, and data loaded within, the one or more data processors.

In some embodiments, the trusted computing module 420 can be configuredto record information associated with the applicant of the guarantee incompliance with privacy laws. For example, the trusted computing module420 can generate a hash value of the record, and adds a block thatincludes the record and the hash value to the blockchain associated withthe blockchain network 409 that stores records associated with theguarantee.

In some embodiments, the trusted computing module 420 can be configuredto provide a verified record of the steps/operations performed by theAPP 402 in response to a request for the verified record associated withthe guarantee to the beneficiary of the guarantee. The trusted computingmodule 420 can also provide a verified time stamp generated by a trustedtiming module 422, a verified identity generated by a trusted identitymodule 424, and/or the computation result associated with eachstep/operation of the steps/operations performed by the APP 402.

In some embodiments, the encryption keys used to perform encryption, andgenerate digital signatures and proofs can be provided by a KMS 406 tothe trusted computing module 420. In some embodiments, the KMS 406 cangenerate, store, and manage encryption keys. In some embodiments, KMS406 includes a secure application environment implemented using the TEEtechnology (e.g., Intel SGX). One or more software programs or librariescan be executed by the TEE.

In some embodiments, the trusted timing module 422 can be configured togenerate time stamps based on national standard timing information(e.g., Greenwich Mean Time (GMT), UTC), or timing information obtainedfrom a global positioning system. In some embodiments, the trustedtiming module 422 can synchronize the time it maintains with the globaltime adopted by the blockchain nodes of the blockchain network 409 toensure accuracy of the time stamps stored on the blockchain.

In some embodiments, the trusted timing module 422 can be configured togenerate time stamps associated with different users using differentstandard times for financial systems in different regions. For example,the trusted timing module 422 can generate time stamps associated with afirst user using a first standard time recognized by an offshorefinancial system associated with the first user, and to generate timestamps associated with a second user using a second standard timerecognized by an onshore financial system associated with the seconduser, in which the first and second users reside in different regionshaving different financial systems.

The trusted identity module 424 can be configured to verify an identityof a user (e.g., an applicant or a beneficiary) based on one or more ofunique IDs associated with the user. In some embodiments, the unique IDscan include at least one of the following: (i) a mobile phone number,(ii) a credit card number, (iii) a user ID associated with an onlinepayment system, (iv) a user ID associated with an online shoppingaccount, (v) a user ID associated with a music streaming or downloadingaccount, (vi) a user IDS associated with a movie streaming ordownloading account, (vii) a user ID associated with a messaging or chataccount, (viii) a user ID associated with an online banking account,(ix) a user ID associated with a ride hailing service, (x) a user IDassociated with an online food ordering service, (xi) a social securitynumber, (xii) a driver's license number, (xiii) a passport number, (xiv)a user ID associated with an online gaming service, (xv) an ID issued bya government entity, (xvi) one or more fingerprints, (xvii) one or morevoice prints, or (xviii) iris information.

In some implementations, the unique IDs can also include a decentralizedidentifier (DID) of the user. The decentralized identifier can include auniversal resource locator (URL) scheme identifier, an identifier for adecentralized identifier method, and a decentralized identifiermethod-specific identifier. The decentralized identifier can point to acorresponding decentralized identifier document, which can includedescriptive text in a preset format (e.g., JSON-LD) about thedecentralized identifier and the owner of the decentralized identifier.The decentralized identifier can serve as a uniform resource identifier(URI) for locating the decentralized identifier document. Thedecentralized identifier document can include various properties such ascontexts, decentralized identifier subject, public keys, authentication,authorization and delegation, service endpoints, creation, updates,proof, and extensibility. The decentralized identifier document candefine or point to resources defining a plurality of operations that canbe performed with respect to the decentralized identifier. In theexamples described in this specification, the decentralized identifierscomply with the standards specified by the World Wide Web Consortium(W3C). However, other decentralized identifiers can also be used.Additional information about decentralized identifiers can be found inapplication PCT/CN2019/095299, filed on Jul. 9, 2019, PCT/CN2019/103780,filed on Aug. 30, 2019, and CN201910963431.0, filed on Oct. 11, 2019.The above applications are hereby incorporated by reference.

In some embodiments, the trusted identity module 424 can be configuredto verify different users residing in different regions having differentfinancial systems by using different identifiers. For example, thetrusted identity module 424 can be configured to verify the identity ofa first user using at least one of a first set of identifiers recognizedby a first financial system associated with the first user, and toverify the identity of a second user using at least one of a second setof identifiers recognized by a second financial system associated withthe second user, in which the first and second users reside in differentregions having different financial systems.

In some examples, the computing and connectivity component 408 can alsoinclude a router 426 that can route information processed by the one ormore processors to a blockchain node 410 in the blockchain network 409communicably coupled to the internal system 401. As discussed earlier,the blockchain node 410 can be a cloud node that can sign and/or verifymessages, and communicate with other blockchain nodes. The blockchainnode 410 can also be a consensus node that participates in a consensusprocedure in the blockchain network 409. In some embodiments, thecommunications inside and between the internal system 401 and blockchainnetwork 409 can be performed based on a secure communication protocolsuch as the hypertext transfer protocol secure (HTTPS) or transportlayer security (TLS). For example, the functions performed by theblockchain node 410 can be defined in a smart contract, in which miningnodes of the blockchain network execute the functions in the smartcontract and consensus full nodes of the blockchain network verify thetransactions.

Transactions added on a blockchain can be verified and agreed upon byblockchain nodes in the blockchain network 409 through consensus basedon a consensus protocol. Example consensus protocols can include proofof work (PoW), proof of stake (PoS), and PBFT, etc. In the SBLC example,the blockchain nodes can be associated with banks, credit unions, trustcompanies, loan companies, insurance companies, investment institutions,and regulation authorities, etc. Once added, the transactions becomeimmutable and can be trusted by the parties as evidence for thecorresponding guarantee services or processes.

The time, identity, and content carried by transaction data recorded onthe blockchain can be trusted. The blockchain enables the APP 402 thatprovides guarantee services to preserve verified records of information(e.g., who, what, and when) about events that occur during each ofmultiple steps or critical time points of the services. The records ofinformation are preserved in ways that comply (or are more compliantcompared to previous systems) with predetermined rules. For example,when the guarantee is a letter of credit or SBLC, the predetermined rulecan be the Uniform Rules and Uses relating to Documentary Credits (UCR600 of the International Chamber of Commerce) or the International Rulesand Practices relating to standby (RPIS 98 of the International Chamberof Commerce), respectively.

FIG. 5 is an example of source code 500 of an SBLC in accordance withembodiments of this specification. In this example, the SBLC source code500 includes an SBLC number (“sblcNo”), an SBLC type (“sblcType”), acode of the issuing bank (“issueBankCode”), a code of the beneficiarybank (“beneficiaryBankCode”), a maximum loanable amount in number andwords (“maxAggregateSum”, “maxAggregateSumInWord”), a name of anapplicant (“principal”), a name of a beneficiary (“borrower”), an SBLCexpiration date and time (“expiryDatetime”), an SBLC effective date andtime (“effectiveDatetime”), an SBLC application date and time(“applicationDatetime”), a remaining loanable amount(“remainAggregateSum”), an actual loan amount in the SBLC(“totalLoanAmount”), a list of terms associated with the SBLC(“actionNoList”), and a status of the SBLC (“status”). The SBLC sourcecode 500 described above is merely an example, in other examples theSBLC source code 500 can include more or less information.

The SBLC type can represent the type of SBLC. The types of the SBLC caninclude performance standby, advance payment standby, bid bond/tenderbond standby, counter standby, financial standby, direct pay standby,insurance standby, commercial standby, etc. The maximum loanable amountcan represent the total loan the issuing bank can approve to theapplicant. In some examples, the maximum loanable amount can be theamount of available balance of the applicant's accounts at the issuingbank. The actual loan amount can represent the guaranteed amount in theSBLC. The remaining loanable amount can be the remaining loan theissuing bank can approve to the applicant after applying the credit inthe SBLC. The status of the SBLC represents the current status of theSBLC in its lifecycle, such as issued, on hold, effective, canceled, orexpired, etc.

To protect the privacy of the parties involved in the transactionassociated with the SBLC, the SBLC can be encrypted before it is sent tothe blockchain nodes for consensus. For example, as discussed in thedescription of FIG. 4, the encryption of the SBLC can be performed bythe computing and connectivity component 408 before sending theencrypted SBLC to the blockchain node 410 for consensus. The encryptionkeys can be derived based on a linear secret sharing scheme (LSSS)through negotiations among the parties involved in the transactions.Additional details of the encryption key negotiations are described in,e.g., Chinese Application No. 201911187078.8, filed on Nov. 27, 2019,the content of which is incorporated herein by reference. Suchencryption key derivation technologies enhance security of theencryption keys and reduce the possibilities of deciphering by a thirdparty.

In some embodiments, the issuing bank (e.g., 302 in FIG. 3) can alsogenerate ZKPs associated with the SBLC. The ZKPs are provided to theblockchain nodes together with the encrypted SBLC, such that theblockchain nodes can verify the legitimacy of the SBLC without knowingits content. After verifying that the SBLC is legitimate, the blockchainnodes can perform consensus to record the encrypted SBLC on theblockchain.

FIG. 6 is a diagram illustrating an example 600 of cryptographicaloperations performed on an SBLC 620 in accordance with embodiments ofthis specification. In this example, it is assumed that bank A 602 andbank B 604 are two joint guarantors of the SBLC 620. In other words,bank A 602 and bank B 604 are the issuing banks. Bank C 606 is thebeneficiary bank of the SBLC 620. Bank D 608 can be a bank uninvolved inthe transactions related to the SBLC 620. As discussed earlier,encryption keys can be negotiated among the parties involved in thetransactions related to the SBLC 620. In this example 600, the partiesinclude bank A 602, bank B 604, and bank C 606. The encryption keysagreed upon by the parties can be used to encrypt the SBLC 620 string oradd digital signature 612. The encrypted SBLC cannot be decrypted byBank D 608 which is not a party of the transaction.

Bank A 602 and bank B 604 can also generate one or more ZKPs of valuesassociated with the SBLC 620. Such ZKPs can include proof underhomomorphic encryption scheme 614, range proof 616, and/or zero test618. The homomorphic encryption scheme 614 can be used to separatelyencrypt the maximum loanable amount, the actual loan amount, and theremaining loanable amount. After performing the homomorphic encryptionscheme 614, the encrypted maximum loanable amount, the actual loanamount, and the remaining loanable amount cannot be revealed withoutdecryption. However, based on the homomorphic nature of the encryptionscheme, it can be verified that the actual loan amount and the remainingloanable amount add up to the maximum loanable amount if this is truefor their encrypted counterparts. Additional details of the homomorphicencryption are described in, e.g., PCT/CN2018/114344, PCT/CN2018/114421,and PCT/CN2018/114420 filed on Apr. 22, 2019, the contents of which areincorporated by reference.

In some embodiments, a range proof can be used to prove that an amountis within a range without revealing the actual amount. In some examples,a range proof can be provided by Bank A 602 and Bank B 604 to show thatthe maximum loanable amount is under a reasonable range. For example, areasonable range can be set as 0 to 2⁴⁰. In some examples, the rangeproof can be provided to show that the actual loan amount or theremaining loanable amount is less than the maximum loanable amount. Thezero test can be used to prove that an amount is zero. For example,after the SBLC expires or the loan is paid off, a zero test can beprovided to prove that the actual loan amount in the SBLC 620 is zero.The encrypted SBLC and the ZKPs can form the cyphertext of an encryptedSBLC 622 to be verified by blockchain nodes of a blockchain network 624.One of bank A 602 and bank B 604 can send the cyphertext of theencrypted SBLC 622 to the blockchain network 624, e.g., by calling asmart contract on a blockchain associated with the blockchain network624. After the blockchain nodes verify the ZKPs to confirm that the SBLC620 is legitimate, they can perform consensus and record the cyphertextof the encrypted SBLC 622 on the blockchain.

Additionally or alternatively, TEE can be used to provide data privacyof SBLC content. As described early, the TEE process plaintext andoutputs cyphertext. In some embodiments, the plaintext of the SBLC canbe processed inside the TEE. For example, when the bank A 602 initiatesamendment or status updates of a SBLC, such as amending the guaranteedamount, acceptance, or cancellation of an SBLC, the correspondingupdates can be made on the plaintext of the SBLC inside of the TEE. Theoutput of the TEE is encrypted and trustable by the blockchain nodes ofthe blockchain network 624. In some embodiments, the TEE encrypted SBLCcan be sent to other blockchain nodes of the blockchain network 624together with the ZKPs. After verifying the ZKPs, the blockchain nodescan perform consensus to store the updated SBLC to the blockchain.

The following descriptions provide various embodiments ofblockchain-based processes associated with a lifecycle of a letter ofcredit. SBLC is used as an example of a letter of credit for the purposeof illustration. Other types of letter of credit or guarantee can beapplicable to the processes in accordance with embodiments of thisspecification.

FIG. 7 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit issuing process 700 in accordance withembodiments of this specification. In this example, the letter of creditis a standby letter of credit, but the same principle can be applied toother types of letters of credit. The participants of the process 700can include an applicant 702, an issuing bank 704, a blockchain network706, a beneficiary bank 708, and a beneficiary 710. As discussedearlier, the applicant 702 is often a buyer of a business transaction.The issuing bank 702 is often an offshore bank of the buyer. Thebeneficiary 710 is often a seller of the business transaction. Thebeneficiary bank 708 is often the onshore bank of the seller. In someembodiments, the beneficiary bank 708 can act as the beneficiary's 710representative to interact with the issuing bank 704 through theblockchain network 706.

At 712, the applicant 702 can submit an application of an SBLC to theissuing bank 704. In some embodiments, the applicant 702 and thebeneficiary 710 can agree on the terms of the SBLC, such as theguaranteed amount of payment or loan in the SBLC. The guaranteed amountof payment to the beneficiary 710 can be considered a guaranteed amountof loan to the applicant 702. In the event that the applicant 702 cannotpay the guaranteed amount owed to the beneficiary 710, the guarantorwill pay the guaranteed amount to the beneficiary 710 and provide a loanfor the same amount to the applicant 702. For example, the guaranteedamount of payment or loan can be the monetary amount involved in thebusiness transaction between the applicant 702 and the beneficiary 710,such as the price of goods that the buyer intends to purchase from theseller. The application can be submitted in physical form, orelectronically through the bank's website or APP (such as a user-sideversion of the APP 402 as discussed in the description of FIG. 4).Generally, the applicant 702 can specify in the application theapplicant's identity information, credit information, guaranteeinformation, beneficiary bank's information, and beneficiary's identityinformation, etc. In some cases, some information can be submitted asattachment of the application.

The applicant's identity information can include one or more of theapplicant's name, address, phone number, e-mail address, and businesstype, etc. The credit information can include one or more of theapplicant's credit history, account information associated with theissuing bank 704, banknote, escrow account information, or otherinformation that can show that the applicant has enough credit to payoff the guaranteed amount of loan in the SBLC. The guarantee informationcan include the guaranteed amount of the SBLC, the service or the objectof the guarantee, the duration of the guarantee, and the conditions ofimplementation of the guarantee, etc. The beneficiary bank's informationcan include one or more of the beneficiary bank's bank name, address,phone number, swift code, and routing number, etc. The beneficiary'sidentity information can include one or more of the beneficiary's name,address, phone number, e-mail address, business type, and account numberat the beneficiary bank 708, etc.

After receiving the application, the issuing bank 704 can input or storethe information in the application to the bank's internal system. Forexample, the information input can be performed through the APP 402 asdiscussed in the description of FIG. 4. In some examples, the issuingbank 704 can also convert the application to a standard source codeformat of SBLC. The issuing bank 704 can then perform an internalapproval process of the application at 714.

In some examples, the internal approval process 714 can involve theissuing bank 704 verifying whether any of the required information forapproval is missing in the application. If any required information ismissing, the application can be rejected 716 a, and the issuing bank 704can request the applicant 702 to supplement the missing information. Theissuing bank 704 can also verify whether the applicant 702 has enoughcredit to pay off the guaranteed amount of payment or loan in the SBLCin case of default. For example, if the applicant has a bank accountwith the issuing bank 704, the issuing bank 704 can verify whether thebank account has a balance exceeding the guaranteed amount of loan. Insome examples, the issuing bank can also check whether the applicant 702has submitted other proofs of credit. If there is not enough credit tocover the guaranteed amount of loan, the issuing bank 704 can reject theapplication. Otherwise, the issuing bank 704 can approve the application716 b.

In some examples, the issuing bank 704 may approve an amount less thanthe amount the applicant 702 applied for based on the applicant'savailable credit, and offer the lesser amount to the applicant 702. Ifthe applicant 702 accepts the offer, an SBLC can be approved for theaccepted amount. In some examples, the issuing bank 704 can withhold theguaranteed amount of payment or loan from the applicant's bank accountuntil the payment is released to the beneficiary bank 708 or the SBLC iscanceled or expired.

After approval of the SBLC at 716 b, the issuing bank 704 can finalizethe SBLC source code, encrypt the SBLC source code, and generate proofs(e.g., zero knowledge proofs). The SBLC source code can be encryptedusing an encryption protocol negotiated with the beneficiary bank 708 asdiscussed in the description of FIG. 6. For example, the issuing bank704 can send the cyphertext of the encrypted SBLC to the blockchainnetwork 706 by calling a smart contract on the blockchain associatedwith the blockchain network 706. In the description below, it is assumedthat interactions with the blockchain network 706 are performed bycalling relevant smart contracts on the blockchain. The smart contractscan, e.g., update the cyphertext of the SBLC, update the status of theSBLC, send messages to the issuing bank 704, and send messages to thebeneficiary bank 708.

In some examples, a smart contract can be used to implement updating andrecording SBLC transactions that are trackable, irreversible, and tamperresistant, without involving third parties. This ensures secure andtrusted records of the entire SBLC lifecycle. The autonomous executioncapacities of smart contracts extend the transactional securityassurance of blockchain into situations where dynamic events updating,retrieving, and verifications are needed.

In some embodiments, the issuing bank 704 can submit a request to theassociated cloud node (such as the blockchain node 410 discussed in thedescription of FIG. 4) and the cloud node can make a smart contractcall. The smart contract can include instructions to update thecyphertext of the SBLC or the status of the SBLC based on the requestincluded in the smart contract call.

In operation, the cloud node can generate a smart contract that includestemplates to perform operations such as updating the cyphertext of theSBLC, updating the status of the SBLC, sending messages to the issuingbank 704, and sending messages to the beneficiary bank 708. In someembodiments, the cloud node can further register accounts in the smartcontract and generates updating logs based on the smart contract. Forexample, the accounts associated with one or more of the applicant 702,the issuing bank 704, the beneficiary bank 708 and the beneficiary 710may invoke the smart contract templates to perform the relatedoperations. In some embodiments, those entities involved in the SBLCtransactions are defined in the smart contract to gain authorizations toinvoke the smart contract.

In some embodiments, the cloud node can further define rules in thesmart contract templates for updating different aspects of the SBLC orissue authorizations to different entities for updating the SBLC or itsstatus. The cloud node can further add more templates to the smartcontract upon request by entities that are authorized to invoke thesmart contract. In some templates, the rules in the templates includerules that associate a date, time, location, and/or entity nameassociated with a SBLC updating event.

In some examples, the cloud node generates and submits a transaction ofsmart contract to the blockchain network 706. The transaction of smartcontract may include a program and an originator of the smart contract706. The blockchain nodes of the blockchain network verifies thetransaction of the smart contract. After the blockchain nodessuccessfully verify the transaction of the smart contract, the smartcontract can be deployed in the blockchain network 706 in a distributedmanner and has a unique smart contract address from which the smartcontract can be called.

At 718, the encrypted SBLC can be issued on the blockchain throughconsensus of blockchain nodes of the blockchain network 706. Forexample, a blockchain node (e.g., a cloud node) connected to the issuingbank's 704 internal system can submit the encrypted SBLC and the proofsto the blockchain network 706 for consensus. The blockchain consensusnodes verify the proofs that prove the legitimacy of the SBLC to reachconsensus and then store the encrypted SBLC in one or more blocks to beappended to the blockchain. Details of generating and recordingencrypted SBLC on the blockchain are discussed earlier in thedescriptions of FIGS. 5 and 6.

After the encrypted SBLC is recorded on the blockchain, the beneficiarybank 708 can retrieve the encrypted SBLC and perform decryption based onthe encryption key negotiated with the issuing bank 702. The beneficiarybank 708 can then either confirm the acceptance of the SBLC at 720, orrequest amendment of the SBLC in case of any typo at 724. If the SBLCissued on the blockchain is accepted, the beneficiary bank 708 canupdate the SBLC's status to “issued” and request the blockchain network706 to record the updated SBLC status on the blockchain throughconsensus. At 722, the blockchain network 706 can store the update theSBLC status accordingly through consensus in response to the request.

If the beneficiary bank 708 detects a typo in the SBLC, it can requestan amendment of the SBLC at 724 by submitting the proposed amendments tothe blockchain network 706 for consensus. If the amendments are relatedto the monetary values in the SBLC, the beneficiary bank 708 cangenerate proofs for a legitimacy check of the proposed amendments.

After consensus, the proposed amendments can be recorded on theblockchain and delivered to the issuing bank 704 at 726. For example, asmart contract on the blockchain can generate a message about theproposed amendments and deliver the message to the issuing bank 704. At728, the issuing bank 704 performs an internal approval process of theproposed amendment. After approval, the issuing bank 704 can amend theSBLC at 730, encrypt the amended SBLC, and submit it to the blockchainnetwork 706 to update the SBLC on the blockchain. For example, theupdating of the SBLC on the blockchain can be achieved by calling asmart contract on the blockchain, in which the smart contract isconfigured to update the SBLC. At 732, a message indicating that theSBLC has been amended is delivered to the beneficiary bank 708 throughthe blockchain network 706. For example, the message can be generated bythe smart contact on the blockchain and sent by the smart contract tothe beneficiary bank 708. At 734, the beneficiary bank confirmsacceptance of the amended SBLC and requests the blockchain network 706to update the SBLC status to “issued.” For example, the beneficiary bankcan call the smart contract on the blockchain to update the SBLC status.At 736, the blockchain network 706 can update the SBLC status inresponse to the request for amendment 724. For example, the smartcontract on the blockchain can update the SBLC status.

In this specification, when we say that a message or a document istransmitted to or from an entity such as the applicant 702, the offshore(issuing) bank 704, the onshore (beneficiary) bank 708, or thebeneficiary 710, we mean that the message or document is transmitted toor from the entity or a computing device associated with the entity. Inthe process 700, the entity may transmit or receive one or more messagesor documents, in which the computing device used to transmit or receivea particular message or document can be different from the computingdevice used to transmit or receive other messages or documents. Thecomputing device associated with the entity can be, e.g., a computerlocal to the entity or a cloud computing device accessible to the entitythrough a network.

FIG. 8 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit drawdown process 800 in accordancewith embodiments of this specification. In this example, the letter ofcredit is a standby letter of credit, but the same principle can beapplied to other types of letters of credit. The participants of theprocess 800 can include the offshore (issuing) bank 704, the blockchainnetwork 706, the onshore (beneficiary) bank 708, and the beneficiary710.

At 802, the beneficiary 710 or the representative of the beneficiary 710can submit a drawdown request of an SBLC to the beneficiary bank 708.The drawdown request can be initiated by the beneficiary 710 when theapplicant 702 is in default, such as non-payment after the paymentdeadline agreed to by the two parties in the marketing or purchase orderagreement. In some embodiments, the drawdown request 802 can alsoinclude supporting documents to support its request. For example, thesupporting documents can include invoices the beneficiary 710 sent tothe applicant 702, claims against the applicant 702, and proofs of theclaims. For example, the proof of a breach of contract claim that aninvoice is unpaid can be a presentation of a written certificate orsigned affidavit mentioning the non-payment.

At 804, the beneficiary bank 708 can perform an internal approvalprocess to review the drawdown request. In some embodiments, thebeneficiary bank 708 can perform a preliminary check to determinewhether necessary documents are included in the drawdown request. Thebeneficiary bank 708 may not conduct substantive review of the contentof the claim and the proofs. For example, the beneficiary bank 708 cancheck whether the drawdown request includes at least a claim letter withcorresponding proofs. If the documents included are sufficient tosupport a prima facie claim, the beneficiary bank 708 can approve thedrawdown request at 806 b. Otherwise, at 806 a, the beneficiary bank 708can reject the drawdown request and ask the beneficiary 710 tosupplement or correct information. If the drawdown request is approvedby the beneficiary bank 708 at 806 b, the beneficiary bank 708 cansubmit the drawdown request, including the claim letter (with proofs),to the issuing bank 704 through the blockchain network 706 at 812. Insome examples, the beneficiary bank 708 can encrypt the drawdown requestbefore sending to the blockchain network 706 for consensus.

At 814, the blockchain nodes of the blockchain network 706 can performconsensus to record the drawdown request and notify the issuing bank 704that a drawdown request has been submitted. For example, the recordingand notifying of the drawdown request can be performed by calling asmart contract on the blockchain associated with the blockchain network706. At 816, the issuing bank 704 can perform an internal approvalprocess after decrypting the claim letter. Based on reviewing the claimand proofs included in the claim letter, the issuing bank 704 canapprove the drawdown request at 818 a if the claim satisfies one or moreconditions indicating a breach of the agreement between the applicant702 and the beneficiary 710 as defined in the terms of the SBLC, and theproofs are sufficient to support the claims. Otherwise, the issuing bank704 rejects the drawdown request at 818 b.

If the drawdown request is approved at 818 a, the issuing bank 704 canmake a payment to the beneficiary bank 708 and update the status of theSBLC to “claim processed” at 820. For example, the payment can be madeto the beneficiary bank 708 through bank transfer services such as wiretransfer, based on the identity information of the beneficiary bank 708included in the SBLC.

At 822, the blockchain network 706 records the status update of the SBLCthrough consensus and delivers the message to the beneficiary bank 708.At 824, the beneficiary bank 708 confirms receipt of the payment andupdates the SBLC status as “payment processed.” At 826, the blockchainnetwork 706 updates the SBLC status accordingly to “payment processed.”For example, the recording of the status updates can be performed bycalling a smart contract on the blockchain associated with theblockchain network 706.

If the drawdown request is rejected at 818 b, at 828, the issuing bank704 can send a notice of dishonor to the beneficiary bank 708 throughthe blockchain network 706. At 830, the blockchain network 706 recordsthe notice of dishonor and delivers the message to the beneficiary bank708. At 832, the beneficiary bank 708 can confirm that the notice ofdishonor is received and update the status of the SBLC as “claimclosed.” At 834, the blockchain network 706 updates the status of theSBLC accordingly as “claim closed.”

FIG. 9 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit expiration process 900 in accordancewith embodiments of this specification. In this example, the letter ofcredit is a standby letter of credit, but the same principle can beapplied to other types of letters of credit. The participants of theprocess 900 can include the offshore (issuing) bank 704, the blockchainnetwork 706, and the onshore (beneficiary) bank 708.

As described earlier, the SBLC can have an issue date provided by theissuing bank 704, an effective date, and an expiration date agreed uponby the applicant 702 and the beneficiary 710. The guarantee in the SBLCis effective from the effective date to the expiration date. Theexpiration date can be determined based on the time zone of thejurisdiction that governs the SBLC. The expiration date can also bebased on a time zone agreed to by the applicant 702 and the beneficiary710, such as the time zone where the issuing bank 704 is located, thetime zone where the beneficiary bank 708 is located, or the GMT.Typically, if the applicant 702 agrees to pay the beneficiary 710 by acertain due date, the expiration date of the SBLC will be several days(e.g., five business days) after the payment due date. In this example,the beneficiary 710 has submitted a drawdown request that is processedin steps 902, 904, 906 a, 906 b, 908, and 910, which are similar tosteps 802, 804, 806 a, 806 b, 812, and 814, respectively, of FIG. 8.

On the expiration date of the SBLC, the beneficiary bank 708 candetermine whether there is an outstanding claim at 912. If there is anoutstanding claim, the beneficiary bank 708 can send a request messageto request the valid period of the SBLC to be extended until aguaranteed amount of loan in the SBLC is paid to close the claim. On theother hand, if there is no outstanding claim, the beneficiary bank 708can send a confirmation message to confirm that the issuing bank 704 isdischarged from undertaking the payment under the SBLC. At 914, theblockchain network 706 delivers the request message or confirmationmessage to the issuing bank 704.

At 916, the issuing bank 704 performs an internal approval process ofthe received message. If the message is a request message to request thevalid period of the SBLC to be extended, the issuing bank 704 can updatethe terms in the SBLC to reflect the requested extension after internalapproval. At 918, if the message is a confirmation message, the issuingbank 704 can update the SBLC status to expired. The issuing bank 704sends a message about the status update to the blockchain network 706,and at 920 the blockchain network 706 updates the status of the SBLCrecorded on the blockchain as “expired.” For example, the issuing bank704 can call a smart contract on the blockchain to update the status ofthe SBLC.

FIG. 10 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit amendment process 1000 in accordancewith embodiments of this specification. In this example, the letter ofcredit is a standby letter of credit, but the same principle can beapplied to other types of letters of credit. The participants of theprocess 1000 can include the applicant 702, the offshore (issuing) bank704, the blockchain network 706, the onshore (beneficiary) bank 708, andthe beneficiary 710. In some embodiments, the process 1000 is performedafter a partial payment is made by the applicant 702 to the beneficiary710 in accordance to a purchase order contract between the two parties.In some examples, the partial payment can be made through traditionalfinancial channels such as wire transfer between the issuing bank 704that serves the applicant 702 and the beneficiary bank 708 that servesthe beneficiary 710. Assuming that the guaranteed loan amount in theSBLC covers the full payment of the order, because a partial payment ismade, the applicant 702 can request the beneficiary 710 to confirm thepartial payment. After confirmation, the applicant 702 may request theissuing bank 704 to amend the SBLC by reducing the guaranteed loanamount to the full payment of the purchase order less the partialpayment. As such, the beneficiary cannot obtain more than the fullpayment amount of the order from the beneficiary 702 and the issuingbank 704 by filing a claim against the SBLC.

At 1002, the beneficiary 710 receives a partial payment from theapplicant 702 before the expiration date of the SBLC. The beneficiary710 can then notify the beneficiary bank 708 about the partial payment.At 1004, the beneficiary bank 708 can confirm the partial payment andsubmit the confirmation to the issuing bank 704 and the applicant 702through the blockchain network 706. At 1006, the blockchain nodes of theblockchain network 706 reaches consensus and stores the confirmation ofpartial payment on the blockchain and delivers the confirmation to theissuing bank 704 and/or the applicant 702. For example, the beneficiarybank 708 can invoke a smart contract on the blockchain to initiate theconsensus process at the blockchain nodes, store the confirmation ofpartial payment on the blockchain, and deliver a message about theconfirmation of partial payment to the issuing bank 704 and theapplicant 702.

In response to identifying the confirmation of partial payment stored onthe blockchain, the applicant 702 can request the issuing bank 704 tosubmit an amendment request of the SBLC to reduce the guaranteed amountof loan at 1008. The reduction can be equal to the amount of the partialpayment confirmed by the beneficiary 710 received through the blockchainnetwork 706. At 1010, the issuing bank 704 can perform an internalapproval process for the amendment request. In some embodiments, theissuing bank 704 can refer to information stored on the blockchain toperform the internal approval process. For example, in response toreceiving the amendment request, the issuing bank 704 can check whethera confirmation of partial payment by the beneficiary bank 706 is storedon the blockchain. If no confirmation is found, the issuing bank 704 caneither reject the amendment request or ask the applicant 702 to provideproof of the payment. Assuming that a confirmation by the beneficiarybank 706 is found on the blockchain, the issuing bank 704 can reject theamendment request at 1012 a if the amendment request is flawed. Forexample, the amendment is flawed if the amount is not correctly stated,the SBLC has expired, or a claim is filed by the beneficiary 710.Otherwise, the issuing bank 704 can approve the request for amendment at1012 b. At 1014, the issuing bank 704 can amend the SBLC based on theamendment request and encrypt the amended SBLC to generate a cyphertextfor the amended SBLC, in which the cyphertext is to be stored on theblockchain.

At 1016, the blockchain nodes of the blockchain network 706 reachconsensus to store the cyphertext of the amended SBLC on the blockchainand deliver the message about the amended SBLC to the beneficiary bank708. For example, a blockchain node connected to the issuing bank 704can invoke the smart contract on the blockchain to initiate theconsensus process at the blockchain nodes. At 1018, the beneficiary bank708 performs an internal approval process to review the amended SBLC. Ifapproved, the beneficiary bank 708 can confirm acceptance of the amendedSBLC at 1022. In some examples, the beneficiary bank 708 can submit theconformation to the blockchain network 706 to be stored on theblockchain. Otherwise, at 1024, the beneficiary bank 708 can reject theamended SBLC, provide reasons for the rejection, and propose furtheramendment of the SBLC.

At 1026, the blockchain network 706 stores the rejection decision on theblockchain and delivers the message about the reasons of rejection andproposed amendment to the issuing bank 704. For example, a blockchainnode connected to the beneficiary bank 708 can invoke the smart contracton the blockchain associated with the blockchain network 706 to performthe step. At 1028, the issuing bank 704 performs an internal approvalprocess of the proposed amendments based on the reasons of rejectionprovided by the beneficiary bank 708. If approved, the issuing bank 704can amend the SBLC based on the amendment proposed by the beneficiarybank 708 at 1030. The issuing bank 704 can then encrypt the amended SBLCto generate a cyphertext of the amended SBLC, in which the cyphertext isto be stored on the blockchain.

At 1032, the blockchain nodes of the blockchain network 706 reachconsensus to store the cyphertext of the amended SBLC on the blockchain,store the cyphertext of the amended SBLC on the blockchain, and deliverthe message about the amended SBLC to the beneficiary bank 708. Forexample, a blockchain node connected to the issuing bank 704 can invokethe smart contract on the blockchain to initiate the consensus processat the blockchain nodes. At 1034, the beneficiary bank 708 can confirmthe acceptance of the amended SBLC and request the status update to berecorded on the blockchain. At 1036, the blockchain network 706 canupdate the status of the SBLC as “amendment accepted.” For example, ablockchain node connected to the beneficiary bank 708 can invoke thesmart contract on the blockchain to update the SBLC status to “amendmentaccepted.”

FIG. 11 is a swim-lane diagram illustrating an example of ablockchain-based letter of credit cancellation process 1100 inaccordance with embodiments of this specification. In this example, theletter of credit is a standby letter of credit, but the same principlecan be applied to other types of letters of credit. The participants ofthe process 1100 can include the applicant 702, the offshore (issuing)bank 704, the blockchain network 706, the onshore (beneficiary) bank708, and the beneficiary 710. In some embodiments, the process 1100 isperformed after a full payment is made by the applicant 702 to thebeneficiary 710 in accordance to a purchase order contract between thetwo parties. In some examples, the full payment can be made throughtraditional financial channels such as wire transfer between the issuingbank 704 that serves the applicant 702 and the beneficiary bank 708 thatserves the beneficiary 710. Assuming that the guaranteed loan amount inthe SBLC covers the full payment of the order, because a payment is madein full, the applicant 702 can request the beneficiary 710 to confirmthe payment. After confirmation, the applicant 702 may request theissuing bank 704 to cancel the SBLC since the applicant 702 is clearedof any duty to pay the beneficiary 710.

At 1102, the beneficiary 710 receives a full payment from the applicant702 before the expiration date of the SBLC. The beneficiary 710 can thennotify the beneficiary bank 708 about the full payment. At 1104, thebeneficiary bank 1004 can confirm the payment and submit theconfirmation to the issuing bank 704 and the applicant 702 through theblockchain network 706. At 1106, the blockchain nodes of the blockchainnetwork 706 reach consensus and store the confirmation of full paymenton the blockchain. The blockchain network 706 delivers the confirmationto the issuing bank 704 and/or the applicant 702. For example, thebeneficiary bank 708 can invoke a smart contract on the blockchain toinitiate the consensus process at the blockchain nodes, store theconfirmation of full payment on the blockchain, and deliver a messageabout the confirmation of full payment to the issuing bank 704 and theapplicant 702.

In response to identifying the confirmation of full payment stored onthe blockchain, the applicant 702 can request the issuing bank 704 tosubmit a cancellation request of the SBLC at 1112. At 1110, the issuingbank 704 can perform an internal approval process for the cancellationrequest. In some embodiments, the issuing bank 704 can refer toinformation stored on the blockchain to perform the internal approvalprocess. For example, in response to receiving the cancellation request,the issuing bank 704 can check whether a confirmation of full payment bythe beneficiary bank 708 is stored on the blockchain. If no confirmationis found, or if there is a record of an outstanding claim filed by thebeneficiary 710, the issuing bank 704 can either reject the cancellationrequest at 1112 a or ask the applicant 702 to provide proof of the fullpayment. Assuming that a confirmation by the beneficiary bank 708 isfound on the blockchain, the issuing bank 704 can still reject thecancellation request at 1112 a if the cancellation request is invalid.For example, the cancellation request is invalid if the SBLC has alreadyexpired. Otherwise, the issuing bank 704 can approve the cancellationrequest at 1112 b. If approved, the issuing bank 704 can update the SBLCstatus to “cancellation requested” at 1114.

At 1116, the blockchain network 706 stores the SBLC status update on theblockchain and delivers the message about the cancellation request tothe beneficiary bank 708. For example, a blockchain node connected tothe beneficiary bank 708 can invoke the smart contract on the blockchainassociated with the blockchain network 706 to perform the step. At 1118,the beneficiary bank 708 can confirm the acceptance of the SBLCcancellation and request the status update to be recorded on theblockchain. At 1120, the blockchain network 706 can update the status ofthe SBLC as “cancelled.” For example, a blockchain node connected to thebeneficiary bank 708 can invoke the smart contract on the blockchain toupdate the SBLC status to “cancelled.”

FIG. 12 is a swim-lane diagram illustrating an example of a SBLC issuingprocess 1200 based on cross-chain technology in accordance withembodiments of this specification. The participants of the process 1200can include an applicant 702, an issuing bank 704, a blockchain network1 703, a relay 705, a blockchain network 2 707, and a beneficiary bank708. Cross-chain technology is developed to facilitate interactions andinteroperability between different blockchains. As discussed earlier,the issuing bank 704 is often an offshore bank of a buyer of a businesstransaction. The beneficiary bank 708 is often the onshore bank of theseller located in a different country or associated with a differentfinancial system. Therefore, the issuing bank 704 and the beneficiarybank 708 can have blockchain nodes (such as the cloud nodes discussed inthe description of FIG. 3) connecting to different blockchain networks.In the example illustrated in FIG. 12, the issuing bank 704 has ablockchain node connecting to the blockchain network 1 703. Thebeneficiary bank 708 has a blockchain node connecting to the blockchainnetwork 2 707.

In some embodiments, a relay 705 can be used to facilitate interactionsbetween the blockchain network 1 703 and the blockchain network 2 707.The relay 705 is a trusted entity and can take various forms. In someexamples, the relay 705 can be a blockchain node of the blockchainnetwork 1 703 and the blockchain network 2 707. In some examples, therelay 705 can be a trusted node, which performs data verification beforerelaying cross-chain data between the blockchain network 1 703 and theblockchain network 2 707. In some examples, the relay 705 can alsosimply relay the cross-chain data without performing data verification.In some examples, the relay 705 can be a blockchain network, whichperforms data verification through consensus before relay cross-chaindata between the blockchain network 1 703 and the blockchain network 2707.

The trustworthiness of the relay 705 can be achieved based on varioustechnologies in accordance with embodiments of this specification. Forexample, the technologies can include, TEE, proof of authority (POA),secure multi-party computation, ZKP, consensus algorithms, etc.

At 1212, the applicant 702 can submit an application of an SBLC to theissuing bank 704. As discussed in the description of FIG. 7, theapplicant 702 and the beneficiary can agree on the terms of the SBLC,such as the guaranteed amount of loan in the SBLC. After receiving theapplication, the issuing bank 704 can input or store the information inthe application to the bank's internal system. For example, theinformation input can be performed through the APP 402 as discussed inthe description of FIG. 4. In some examples, the issuing bank 704 canalso convert the application to a standard source code format of SBLC.The issuing bank 704 can then perform an internal approval process ofthe application and initiate cross-chain request at 1214 after approval.

In some examples, the internal approval process can involve the issuingbank 704 verifying whether any of the required information for approvalis missing in the application. If any required information is missing,the application can be rejected, and the issuing bank 704 can requestthe applicant 702 to supplement the missing information. The issuingbank 704 can also verify whether the applicant 702 has enough credit topay off the guaranteed amount of loan in the SBLC in case of default.For example, if the applicant has a bank account with the issuing bank704, the issuing bank 704 can verify whether the bank account has abalance exceeding the guaranteed amount of loan. In some examples, theissuing bank can also check whether the applicant 702 has submittedother proofs of credit. If there is not enough credit to cover theguaranteed amount of loan, the issuing bank 704 can reject theapplication. Otherwise, the issuing bank 704 can approve theapplication. After approval of the SBLC, the issuing bank 704 canfinalize the SBLC source code, encrypt the SBLC source code, generateproofs, and include the encrypted SBLC and the proofs in a cross-chainrequest to the blockchain network 2 707.

At 1216, the cross-chain request can be stored on a first blockchainassociated with the blockchain network 1 703 through consensus anddelivered to the relay 705. For example, a blockchain node (e.g., acloud node) connected to the issuing bank's 704 internal system cansubmit the cross-chain request for consensus. After the blockchain nodesverify the proofs that prove the legitimacy of the SBLC, the blockchainnodes can perform consensus and store the encrypted SBLC in one or moreblocks to be appended to the first blockchain. Details of generating andrecording encrypted SBLC on the blockchain are discussed earlier in thedescriptions of FIGS. 5 and 6.

At 1218, the relay 705 can relay the cross-chain request to theblockchain network 2 707. The relay 705 can be a trusted entity for boththe blockchain network 1 703 and the blockchain network 2 707. Thesystem is configured to ensure that the cross-chain data to be relayedare actually stored on the first blockchain such that it can be trusted.In some embodiments, the relay 705 can monitor cross-chain messages andrelay the messages after they are verified to be stored on the firstblockchain. In some embodiments, blockchain nodes of the blockchainnetwork can generate proofs. The relay 705 can retrieve and verify theproofs to confirm that the cross-chain messages originate from the firstblockchain. In some embodiments, verification data can be pre-stored insimple payment verification (SPV) nodes of the destination blockchainnetwork. The SPV nodes can obtain the cross-chain data through the relay705, verify the authenticity of the cross-chain data, and forward theverified cross-chain data to the destination. Additional details of thehomomorphic encryption are described in, e.g., PCT/CN2018/114344,PCT/CN2018/114421, and PCT/CN2018/114420 filed on Apr. 22, 2019, thecontents of which are incorporated by reference.

At 1220, the blockchain network 2 707 records the cross-chain requestthrough consensus and delivers the encrypted SBLC to the beneficiarybank 708. The beneficiary bank 708 can perform decryption of theencrypted SBLC based on the encryption key negotiated with the issuingbank 702. The beneficiary bank 708 can then confirm the acceptance ofthe SBLC at 1222 and request the blockchain network 2 707 to record theupdated SBLC status on a second blockchain associated with theblockchain network 2 707 through consensus. In some embodiments, thebeneficiary bank 708 can also send a cross-chain request to deliver theconfirmation to the issuing bank 708.

At 1224, the blockchain network 2 707 can update the SBLC status on thesecond blockchain as “issued” through consensus and deliver theconfirmation to the relay 705. At 1226, the relay 705 can verify thatthe SBLC is issued on the second blockchain, provide proof of theverification, and relay the confirmation of acceptance to the blockchainnetwork 1 703.

At 1228, the blockchain nodes of the blockchain network 1 703 can verifythe proof that the SBLC is issued on the second blockchain and deliverthe verification result and the confirmation of acceptance to theissuing bank 704. In some embodiments, roots of trust (RoT) can bedeployed on blockchain nodes of the blockchain network 1 703. The RoTcan be hardware modules that host a TEE. After receiving the proof andthe confirmation of acceptance, the blockchain nodes can use the RoT toverify the proof that the issuance of the SBLC on the second blockchainhas been verified by the relay 705.

At 1230, the issuing bank 704 can void the SBLC stored on the firstblockchain in response to receiving the verification result and that theacceptance of the SBLC has been confirmed by the beneficiary bank 708.This is to ensure that only one issued SBLC is effective, so that thebeneficiary cannot obtain double payment from SBLCs stored on both thefirst and the second blockchains. At 1232, the blockchain network 1 703can update the SBLC status on the first blockchain as “void.”

In this specification, when describing the processes for handling eventsrelated to the lifecycle of the guarantees, such as processes 700, 800,900, 1000, 1100, and 1200, for ease of illustration we may say that acomputing device associated with an entity transmits a first message,receives a second message, transmits a third message, receives a fourthmessage, and so forth. It is understood that the same or differentcomputing devices associated with the entity can be used to transmit orreceive the first, second, third, and fourth messages, and so forth.Thus, for example, the phrase “a computing device associated with anentity,” depending on context, can mean multiple computing devicesassociated with the entity, in which a first one of the multiplecomputing devices performs a first task and a second one of the multiplecomputing devices performs a second task, and so forth.

FIG. 13 is a diagram of an example of a system for implementing ablockchain-based trustable guarantee platform 1300 for enablingtrustable guarantees. The trustable guarantee platform 1300 can provideservices related to various stages of lifecycles of guarantees. In thisexample, the trustable guarantee platform 1300 provides services to afirst applicant of a first guarantee 1322 a, a second applicant of asecond guarantee, . . . , an N1-th applicant of an N1-th guarantee 1322b (collectively referenced as 1322), a first guarantor 1324 a, a secondguarantor, . . . , an N2-th guarantor 1324 b (collectively referenced as1324), a first beneficiary 1326 a, a second beneficiary, . . . , anN3-th beneficiary 1326 b (collectively referenced as 1326), a firstbeneficiary agent 1342 a, a second beneficiary agent, . . . , and anN4-th beneficiary agent 1342 b (collectively referenced as 1342).

For example, the first applicant 1322 a may be a buyer who intends tobuy goods from the beneficiary 1326 a, who may be a seller of the goods.The first applicant 1322 a may apply for a first guarantee to be issuedby the first guarantor 1324 a, which may be an issuing bank (or offshorebank) that serves the first applicant 1322 a. The first guarantor 1324 amay interact with the first beneficiary agent 1342 a, which may be abeneficiary bank (or onshore bank) that serves the first beneficiary1326 a.

In some examples, a guarantee may involve an applicant 1322, a guarantor1324, a beneficiary 1326, and a beneficiary agent 1342. The applicant1322 has an agreement with the beneficiary 1326 in which the applicant1322 agrees to pay the beneficiary 1326 a predetermined amount of moneyby a predetermined due date. The guarantor 1324 issues the guarantee asan assurance that the beneficiary 1326 will receive the predeterminedamount of money by the predetermined due date in the event that theapplicant 1322 is unable to pay the full predetermined amount by the duedate. The guarantor 1324 interacts with the beneficiary agent 1342 tocarry out the processes related to the guarantee.

The trustable guarantee platform 1300 is configured to provide tools(e.g., web based portals and interfaces, and smart contracts) thatenable the applicant 1322, guarantor 1324, the beneficiary 1326, and thebeneficiary agent 1342 to conveniently and timely implement theprocesses associated with the various events in the lifecycle of theguarantee. For example, the trustable guarantee platform 1300 canprovide web-based user interfaces that facilitate the application,issuance, amendment, drawdown, expiration, and cancelation of guaranteesby the relevant parties, and facilitate recording of information relatedto the application, issuance, amendment, drawdown, expiration, andcancelation of guarantees in one or more blockchains.

For example, the guarantee can be a letter of credit, and the trustableguarantee platform 1300 can provide tools to implement theblockchain-based letter of credit issuing process 700 of FIG. 7, theblockchain-based letter of credit drawdown process 800 of FIG. 8, theblockchain-based letter of credit expiration process 900 of FIG. 9, theblockchain-based letter of credit amendment process 1000 of FIG. 10, theblockchain-based letter of credit cancellation process 1100 of FIG. 11,and the SBLC issuing process 1200 based on cross-chain technology shownin FIG. 12.

In general, each of the guarantors 1324 can issue one or more guaranteesto each of one or more applicants 1322, and each applicant 1322 canapply for one or more guarantees from each of one or more guarantors1324. One or more guarantors 1324 can issue a guarantee to an applicant1322. A guarantor 1324 can issue a guarantee to one or more applicants1322. Each guarantee can have one or more beneficiaries.

In some implementations, the trustable guarantee platform 1300 includesa guarantee document generation module 1302, a guarantee documentrevision module 1304, a guarantee document encryption module 1306, aguarantee issuance processing module 1308, a guarantee fulfillmentprocessing module 1310, a guarantee expiration processing module 1312, aguarantee cancellation processing module 1344, a guarantee cross-chainprocessing module 1346, a zero-knowledge proof generation module 1348, auser interface module 1314, and a blockchain processing module 1316. Theguarantee document generation module 1302 is configured to generateguarantee documents, such as the source code of a guarantee, e.g., thesource code 500 of an SBLC. For example, in the process 700 of FIG. 7,the offshore (issuing) bank 704 can generate the SBLC using its ownsystem or use the guarantee document generation module 1302. In someimplementations, the guarantee document generation module 1302 is aweb-based tool that provides guarantee document templates that allow theoffshore bank 704 to conveniently generate the guarantee documents. Theguarantee document revision module 1304 is configured to facilitaterevision of guarantee documents using a process equivalent or similar tothe process 700 in FIG. 7 and/or the process 1000 in FIG. 10.

The guarantee document encryption module 1306 is configured to encryptguarantee documents, and generate encryption keys. The zero-knowledgeproof generation module 1348 is configured to generate zero knowledgeproofs. The guarantee issuance processing module 1308 is configured tofacilitate issuance of guarantees using a process equivalent or similarto the process 700 of FIG. 7. The guarantee fulfillment processingmodule 1310 is configured to handle processes related to fulfillingguarantees, such as processing drawdown requests using a processequivalent or similar to the process 800 in FIG. 8.

The guarantee expiration processing module 1312 is configured to handleprocesses related to expiration of guarantees using a process equivalentor similar to the process 900 of FIG. 9. The guarantee cancellationprocessing module 1344 is configured to handle processes related tocancellation of guarantees using a process equivalent or similar to theprocess 1100 of FIG. 11. The guarantee cross-chain processing module1346 is configured to handle processes that involve multiple blockchainnetworks, such as facilitating a SBLC issuing process based oncross-chain technology using a process equivalent or similar to theprocess 1200 of FIG. 12.

Information related to the guarantee and the events in the lifecycle ofthe guarantee can be recorded in a blockchain 1334 that is maintained bya blockchain network 1328. The blockchain processing module 1316functions as a blockchain node 1330 of the blockchain network 1328 andmaintains a local copy 1318 of the blockchain 1334. The blockchain 1318can include records, e.g., 1318 a, 1318 b, 1318 c. Other entities, suchas entity 1336, may participate as a blockchain node 1332 of theblockchain network 1328, in which the entity 1336 may include computerservers 1338 that maintain a local copy 1340 of the blockchain 1334 andperform mining and/or consensus operations.

In some implementations, the blockchain-based trustable guaranteeplatform 1300 can provide a cloud service to the applicants 1322, theguarantors 1324, the beneficiaries 1326, and the beneficiary agents 1342to facilitate the various processes related to processing guarantees.Each of the applicants 1322, the guarantors 1324, the beneficiaries1326, and the beneficiary agents 1342 has an account with the platform1300, and the private data belonging to each entity are not shared withother entities. Some modules may process data that are private to aparticular application, a particular guarantor, a particularbeneficiary, or a particular beneficiary representative, and the privatedata cannot be accessed by any other party.

For example, the guarantee document generation module 1302 can be usedby the guarantors 1324 in generating guarantee documents. The guaranteedocument encryption module 1306 can be used by the guarantors 1324 togenerate encryption keys and generate cyphertexts of the guaranteedocuments. The zero-knowledge proof generation module 1348 can be usedby the guarantors 1324 to generate zero-knowledge proofs. The guaranteedocuments generated by the guarantee document generation module 1302 fora first guarantor 1324 cannot be accessed by any other guarantor 1324without permission of the first guarantor 1324. The encryption keysgenerated by the guarantee document encryption module 1306 for the firstguarantor 1324 cannot be accessed by any other guarantor 1324 withoutpermission of the first guarantor 1324. The zero-knowledge proofsgenerated by the zero-knowledge proof generation module 1348 for thefirst guarantor 1324 cannot be accessed by any other guarantor 1324without permission of the first guarantor 1324.

In some implementations, the user interface module 1314 can provide anintegrated user interface (e.g., in the form of a web portal) thatenables the applicants 1322, the guarantors 1324, the beneficiaries1326, and the beneficiary agents 1342 to access the functions of thevarious modules (e.g., 1302, 1304, 1306, 1308, 1310, 1312, 1316, 1344,1346, and 1348) of the trustable guarantee platform 1300. For example,the integrated user interface can be used by an applicant 1322 to submitan application for a guarantee and keep track of the status of theapplication, and/or invoke the guarantee cancellation processing module1344 to facilitate cancellation of a guarantee. The integrated userinterface can be used by a guarantor 1324 to invoke the guaranteedocument generation module 1302 to generate a guarantee document, invokethe guarantee document encryption module 1306 to generate a cyphertextof a guarantee document and generate encryption keys, invoke thezero-knowledge proof generation module 1348 to generate zero-knowledgeproofs, invoke the guarantee cross-chain processing module 1346 tofacilitate interactions between two or more blockchain networks, or anycombination of the above. The integrated user interface can be used by aguarantor 1324 to invoke the guarantee issuance processing module 1308to issue a guarantee. The integrated user interface can be used by abeneficiary agent 1342 to invoke the guarantee fulfillment processingmodule 1310 to process a drawdown request, and/or to invoke theguarantee expiration processing module 1312 to confirm expiration of aguarantee.

FIGS. 14a and 14b are diagrams illustrating an example of how theblockchain-based trustable guarantee platform 1300 can be used byapplicants for letters of credit, a guarantor, and beneficiaries. FIG.14a shows the relationships between the applicants, guarantors, andbeneficiaries. FIG. 14b shows the relationship between theblockchain-based trustable guarantee platform 1300 and the applicants,guarantors, and the beneficiaries. In this example, a ski manufacture1400 in Burlington, Vt., USA has developed a new type of skis that usesemiconductor chips made by a chip manufacturer 1402 in Shenzhen,Guangdong, China. The skis can be used with ski analytics softwaredeveloped by a software developer 1404 in Paris, France. A ski trainingcenter 1406 in Beijing, China plans to purchase the skis made by the skimanufacturer 1400 and distribute them to ski racing teams for trainingin preparation for the 2022 Winter Olympics.

The ski manufacturer 1400 signs a purchase agreement with the chipmanufacturer 1402, in which the ski manufacturer 1400 agrees to pay USD$1 million to the chip manufacturer 1402 within 30 days of delivery of100,000 chips that can be installed on the skis. The ski manufacturer1400 and the chip manufacturer 1402 have no previous relationship witheach other, and the chip manufacturer 1402 is not sure whether the skimanufacturer 1400 can be trusted to pay on time. The chip manufacturer1402 asks the ski manufacturer 1400 to provide an SBLC that guaranteespayment of USD $1 million. The ski manufacturer 1402 has an account withan issuing bank (or offshore bank) 1408, which in this example is BankA. The chip manufacturer 1402 has an account with a beneficiary bank (oronshore bank) 1410, which in this example is Bank B.

The ski manufacturer 1400 accesses the trustable guarantee platform 1300to obtain an SBLC of USD $1 million from the issuing bank (in thisexample, Bank of America) 1408 in accordance with the blockchain-basedletter of credit issuing process 700 of FIG. 7. The SBLC is recorded ina blockchain (e.g., using a step equivalent or similar to step 718), andupon confirmation of acceptance of the SBLC by the beneficiary bank(Industrial and Commercial Bank of China) 1410, the status of the SBLCis updated to “issued” (e.g., using a step equivalent or similar to step722). For example, if prior to the SBLC being accepted by thebeneficiary bank 1410, the beneficiary bank 1410 finds a typo in theSBLC, the beneficiary bank 1410 can use the trustable guarantee platform1300 to request amendment of the SBLC using a process including stepsequivalent or similar to the steps 724 to 736.

After the chip manufacturer 1402 delivers the 100,000 chips to the skimanufacturer 1400, the ski manufacturer 1400 sends a payment of USD $1million to the chip manufacturer 1402. Using the trustable guaranteeplatform 1300, the chip manufacturer 1402 notifies the beneficiary bank1410 about the full payment, the beneficiary bank 1410 confirms thepayment and submits the confirmation to the issuing bank 1408 and theski manufacturer 1400, and the confirmation of full payment is stored inthe blockchain (e.g., using steps equivalent or similar to steps 1104and 1106 in FIG. 11). Using the trustable guarantee platform 1300, theski manufacturer 1400 submits a request to cancel the SBLC using aprocess including steps equivalent or similar to the steps 1108 to 1120,resulting in the status of the SBLC being updated as “cancelled” andrecorded in the blockchain.

For example, instead of one lump sum payment of USD $1 million, the skimanufacturer 1400 may agree to pay the chip manufacturer 1402 in twoinstallments. After a first predetermined milestone is reached, the skimanufacturer 1400 pays USD $500,000 to the chip manufacturer 1402. Thechip manufacturer 1402 confirms receipt of partial payment, and theconfirmation of partial payment is stored in the blockchain using aprocess including steps equivalent or similar to steps 1002 to 1006 ofFIG. 10. After making the partial payment, the ski manufacturer 1400submits an amendment of the SBLC to reduce the guaranteed amount fromUSD $1 million to USD $500,000, resulting in the SBLC being amended andthe amended SBLC being stored in the blockchain, using a processincluding steps equivalent or similar to the steps 1008 to 1036.

For example, the ski manufacturer 1400, the software developer 1404, andthe ski training center 1406 signs an agreement in which (i) the skimanufacturer 1400 agrees to pay USD $200,000 to the software developer1404 within 30 days of delivery of a general ski analytics softwarepackage that can process the data produced by custom chips integratedinto the skis, and (ii) the ski training center 1406 agrees to pay USD$100,000 to the software developer 1404 within 30 days of delivery of acustomized ski analytics software package that is specially configuredfor Chinese ski racers, plus a monthly payment of USD $10,000 for aduration of one year for software updates and services. The softwaredeveloper 1404 has an account with a beneficiary bank 1412, which inthis example is the Liberty National Bank. The ski training center 1406has an account with an issuing bank 1414, which in this example is theBank of China.

The ski manufacturer 1400 and the ski training center 1406 access thetrustable guarantee platform 1300 to jointly obtain an SBLC from theissuing banks 1408 and 1414 using a process similar to theblockchain-based letter of credit issuing process 700 of FIG. 7. In thisexample, the SBLC has a total guaranteed amount of USD $420,000, inwhich the issuing bank 1408 (which serves the ski manufacturer 1400)guarantees USD $200,000, and the issuing bank 1414 (which serves the skitraining center 1406) guarantees USD $220,000.

For example, the issuing bank 1408 (which serves the ski manufacturer1400) and the issuing bank 1414 (which serves the ski training center1406) are participant nodes of a first blockchain network that maintainsa first blockchain. The beneficiary bank 1412 (which serves the softwaredeveloper 1404) is a participant node of a second blockchain networkthat maintains a second blockchain. Initially, after the skimanufacturer 1400 and the ski training center 1406 apply for the SBLC,the SBLC is recorded in the first blockchain. The parties decide totransfer the SBLC from the first blockchain to the second blockchain.This can be achieved by using a process including steps equivalent orsimilar to the steps 1216 to 1232 of FIG. 12.

After the software developer 1404 delivers the general ski analyticssoftware package to the ski manufacturer 1400 and the ski manufacturer1400 pays USD $200,000 to the software developer 1404, the skimanufacturer 1400 can request amendment of the SBLC to reduce theguaranteed amount from USD $420,000 to USD $220,000, and update thestatus of the SBLC to confirm that the software developer 1404 hasreceived the payment of USD $200,000 from the ski manufacturer 1400,using a process including steps equivalent or similar to the steps 1008to 1036 of FIG. 10.

After the software developer 1404 delivers the customized ski analyticssoftware package to the ski training center 1406 and the ski trainingcenter 1406 pays USD $100,000 to the software developer 1404, the skitraining center 1406 can request amendment of the SBLC to reduce theguaranteed amount from USD $220,000 to USD $120,000, and update thestatus of the SBLC to confirm that the software developer 1404 hasreceived the payment of USD $100,000 from the ski training center 1406,using a process including steps equivalent or similar to the steps 1008to 1036 of FIG. 10. Afterwards, each time the ski training center 1406makes a monthly payment of USD $10,000, the SBLC can be amended toreduce the guaranteed amount using the process described above. Afterpaying the ski developer 1404 USD $10,000 each month for twelve months,the ski training center 1406 can request cancellation of the SBLC usinga process including steps equivalent or similar to the steps 1108 to1120 in FIG. 11.

The example of FIGS. 14a and 14b illustrate how the blockchain-basedtrustable guarantee platform 1300 provides an integrated system that canbe used by companies located in different countries across differentcontinents to conveniently handle the processes related to guarantees,such as letter of credits or standby letter of credits, to establishtrust among the parties and facilitate business transactions, making iteasy to do business anywhere.

FIG. 15 depicts an example of a process 1500 that can be executed inaccordance with embodiments of this specification. For convenience, theprocess 1500 will be described as being performed by a system of one ormore computers, located in one or more locations, and programmedappropriately in accordance with this specification. For example, aninternal computer system, e.g., the internal system 401 of FIG. 4,appropriately programmed, can perform the process 1500.

At 1502, the computer system receives from a computing device associatedwith an applicant, an application of a guarantee made by at least afirst guarantor to a beneficiary, wherein the application includesinformation associated with an identity of the applicant, an identity ofthe beneficiary, and one or more predetermined conditions of executingthe guarantee.

At 1504, the computer system generates a digital version of theguarantee based on the information included in the application. At 1506,the blockchain node encrypts the digital version to generate cyphertextof the guarantee.

At 1508, the computer system generates one or more zero-knowledge proofs(ZKPs) related to one or more values associated with the guarantee. At1510, the blockchain node sends the cyphertext of the guarantee and theone or more ZKPs to a blockchain network to store the cyphertext of theguarantee on a blockchain, wherein the cyphertext of the guarantee isstored on the blockchain through consensus of blockchain nodes of theblockchain network after the one or more ZKPs are successfully verifiedby the blockchain nodes.

In some cases, the guarantee is in a form of a SBLC. In some cases, theguarantee specifies that the guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.

In some cases, the guarantor is an offshore bank that serves theapplicant, and the predetermined amount is paid to the beneficiarythrough an onshore bank that serves the beneficiary when the one or morepredetermined conditions are met.

In some cases, the application further includes information thatspecifies an identity of the onshore bank. In some cases, theapplication further includes information that proves the applicant iscapable of paying off the predetermined amount in case of the applicantis in default of the SBLC.

In some cases, the identity of the applicant includes one or more of theapplicant's name, address, phone number, e-mail address, and type ofbusiness. In some cases, the identity of the beneficiary includes one ormore of the beneficiary's name, address, phone number, e-mail address,and type of business.

In some cases, the one or more predetermined conditions include one ormore of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date. In some cases, at leastone of the one or more ZKPs is generated based on homomorphicencryption.

In some cases, the one or more ZKPs includes one or more of a rangeproof and a zero test. In some cases, an encryption key for encryptingthe digital version is derived based on a linear secret sharing scheme.

In some cases, the guarantee is made by the first guarantor and a secondguarantor to the beneficiary, the guarantee is in the form of a SBLC,and the guarantee specifies that the first guarantor and the secondguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In some cases, the first guarantor is a first bank that serves theapplicant, the second guarantor is a second bank that serves theapplicant, and the application further includes information that provesthe applicant has sufficient funds in the first bank and the second bankto pay off the predetermined amount in case the applicant is in defaultof the SBLC.

In some cases, the process 1500 further comprises, verifying the one ormore ZKPs and performing consensus based on the cyphertext of theguarantee after the one or more ZKPs are verified, and storing thecyphertext of the guarantee to the blockchain associated with theblockchain network after the consensus is successfully performed.

In some cases, the process 1500 further comprises, receiving, at a firstcomputing device, an application of a guarantee to be made by aguarantor to a beneficiary, wherein the application includes informationassociated with an identity of the applicant, an identity of thebeneficiary, and one or more predetermined conditions of executing theguarantee; transmitting the application to a second computing deviceassociated with the guarantor; receiving, at the first computing device,a digital version of the guarantee that is generated based on theapplication; encrypting the digital version to generate a cyphertext ofthe guarantee; generating one or more ZKPs related to one or more valuesassociated with the guarantee; and sending the cyphertext and the one ormore ZKPs to a blockchain network to store the cyphertext on ablockchain, wherein the cyphertext is stored on the blockchain throughconsensus of blockchain nodes of the blockchain network after the one ormore ZKPs are successfully verified by the blockchain nodes.

FIG. 16 is a diagram of an example of modules of an apparatus 1600 inaccordance with embodiments of this specification. The apparatus 1600can be an example of an embodiment of a computer system configured toprocess guarantee information. The apparatus 1600 can correspond to theembodiments described above, and the apparatus 1600 includes thefollowing: a receiving module 1602 that receives, from a computingdevice associated with an applicant, an application of a guarantee madeby at least a first guarantor to a beneficiary, wherein the applicationincludes information associated with an identity of the applicant, anidentity of the beneficiary, and one or more predetermined conditions ofexecuting the guarantee; a generating module 1604 that generates adigital version of the guarantee based on the information included inthe application; an encrypting module 1606 that encrypts the digitalversion to generate cyphertext of the guarantee; the generating module1604 that generates one or more ZKPs related to one or more valuesassociated with the guarantee; and a sending module 1608 that sends thecyphertext of the guarantee and the one or more ZKPs to a blockchainnetwork to store the cyphertext of the guarantee on a blockchain,wherein the cyphertext of the guarantee is stored on the blockchainthrough consensus of blockchain nodes of the blockchain network afterthe one or more ZKPs are successfully verified by the blockchain nodes.

In an optional embodiment, the guarantee is in a form of a SBLC. In anoptional embodiment, the guarantee specifies that the guarantor shallpay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.

In an optional embodiment, the guarantor is an offshore bank that servesthe applicant, and the predetermined amount is paid to the beneficiarythrough an onshore bank that serves the beneficiary when the one or morepredetermined conditions are met. In an optional embodiment, theapplication further includes information that specifies an identity ofthe onshore bank.

In an optional embodiment, the application further includes informationthat proves the applicant is capable of paying off the predeterminedamount in case of the applicant is in default of the SBLC. In anoptional embodiment, the identity of the applicant includes one or moreof the applicant's name, address, phone number, e-mail address, and typeof business.

In an optional embodiment, the identity of the beneficiary includes oneor more of the beneficiary's name, address, phone number, e-mailaddress, and type of business. In an optional embodiment, the one ormore predetermined conditions include one or more of default conditions,amendment conditions, cancelation conditions, effective date, andexpiration date.

In an optional embodiment, at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the one or more ZKPs includes one or more of a range proof and a zerotest. In an optional embodiment, an encryption key for encrypting thedigital version is derived based on a linear secret sharing scheme. Inan optional embodiment, the guarantee is made by the first guarantor anda second guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet.

In an optional embodiment, the first guarantor is a first bank thatserves the applicant, the second guarantor is a second bank that servesthe applicant, and the application further includes information thatproves the applicant has sufficient funds in the first bank and thesecond bank to pay off the predetermined amount in case the applicant isin default of the SBLC.

In an optional embodiment, the apparatus 1600 further comprises, averifying sub-module that verifies the one or more ZKPs and performingconsensus based on the cyphertext of the guarantee after the one or moreZKPs are verified, and a storing sub-module that stores the cyphertextof the guarantee to the blockchain associated with the blockchainnetwork after the consensus is successfully performed.

In an optional embodiment, the apparatus 1600 further comprises,receiving, at a first computing device, an application of a guarantee tobe made by a guarantor to a beneficiary, wherein the applicationincludes information associated with an identity of the applicant, anidentity of the beneficiary, and one or more predetermined conditions ofexecuting the guarantee; transmitting the application to a secondcomputing device associated with the guarantor; receiving, at the firstcomputing device, a digital version of the guarantee that is generatedbased on the application; encrypting the digital version to generate acyphertext of the guarantee; generating one or more ZKPs related to oneor more values associated with the guarantee; and sending the cyphertextand the one or more ZKPs to a blockchain network to store the cyphertexton a blockchain, wherein the cyphertext is stored on the blockchainthrough consensus of blockchain nodes of the blockchain network afterthe one or more ZKPs are successfully verified by the blockchain nodes.

FIG. 17 is a flowchart of another example of a process 1700 inaccordance with embodiments of this specification. For convenience, theprocess 1700 will be described as being performed by a blockchain node,which can include a system of one or more computers, located in one ormore locations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 1700.

At 1702, the blockchain node receives a cyphertext of a digital documentspecifying a guarantee from a first computing device associated with afirst guarantor and one or more ZKPs related to one or more valuesassociated with the guarantee, wherein the guarantee is made by thefirst guarantor to a beneficiary, and the digital document specifies oneor more predetermined conditions of executing the guarantee.

At 1704, the blockchain node verifies that the one or more ZKPs arecorrect. At 1706, upon verifying that the one or more ZKPs are correct,the blockchain node stores the cyphertext to a blockchain based onperforming a consensus algorithm.

At 1708, the blockchain node receives a first message from a secondcomputing device associated with a beneficiary or a representative ofthe beneficiary, the first message including an acceptance of theguarantee by the beneficiary. At 1710, the blockchain node updates astatus of the guarantee to indicate that the guarantee has been acceptedby the beneficiary.

In some cases, the guarantee is in the form of a SBLC. In some cases,the guarantee specifies that the guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.

In some cases, the guarantor is an offshore bank that serves anapplicant of the digital document, the representative of the beneficiaryis an onshore bank that serves the beneficiary, and the predeterminedamount is paid to the beneficiary through the onshore bank when the oneor more predetermined conditions are met.

In some cases, the digital document further includes information thatspecifies an identity of the onshore bank. In some cases, the one ormore predetermined conditions include one or more of default conditions,amendment conditions, cancelation conditions, effective date, andexpiration date.

In some cases, at least one of the one or more ZKPs is generated basedon homomorphic encryption. In some cases, the one or more ZKPs includesone or more of a range proof and a zero test.

In some cases, the cyphertext is encrypted using an encryption keyderived based on a linear secret sharing scheme. In some cases, theguarantee is made by the first guarantor and a second guarantor to thebeneficiary, the guarantee is in the form of a SBLC, and the guaranteespecifies that the first guarantor and the second guarantor shall paythe beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met. In somecases, the consensus algorithm is based on one of PoW, PoS, and PBFT.

FIG. 18 is a diagram of another example of modules of an apparatus 1800in accordance with embodiments of this specification. The apparatus 1800can be an example of an embodiment of a blockchain node. The apparatus1800 can correspond to the embodiments described above, and theapparatus 1800 includes the following: a receiving module 1802 thatreceives a cyphertext of a digital document specifying a guarantee froma first computing device associated with a first guarantor and one ormore ZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by the first guarantor to a beneficiary,and the digital document specifies one or more predetermined conditionsof executing the guarantee; a verifying module 1804 that verifies thatthe one or more ZKPs are correct; upon verifying that the one or moreZKPs are correct, a storing module 1806 that stores the cyphertext to ablockchain based on performing a consensus algorithm; the receivingmodule 1802 that receives a first message from a second computing deviceassociated with a beneficiary or a representative of the beneficiary,the first message including an acceptance of the guarantee by thebeneficiary; and an updating module 1808 that updates a status of theguarantee to indicate that the guarantee has been accepted by thebeneficiary.

In an optional embodiment, the guarantee is in the form of a SBLC. In anoptional embodiment, the guarantee specifies that the guarantor shallpay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.

In an optional embodiment, the guarantor is an offshore bank that servesan applicant of the digital document, the representative of thebeneficiary is an onshore bank that serves the beneficiary, and thepredetermined amount is paid to the beneficiary through the onshore bankwhen the one or more predetermined conditions are met.

In an optional embodiment, the digital document further includesinformation that specifies an identity of the onshore bank. In anoptional embodiment, the one or more predetermined conditions includeone or more of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date.

In an optional embodiment, at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the one or more ZKPs includes one or more of a range proof and a zerotest.

In an optional embodiment, the cyphertext is encrypted using anencryption key derived based on a linear secret sharing scheme. In anoptional embodiment, the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet. In an optional embodiment, the consensus algorithm is based on oneof PoW, PoS, and PBFT.

FIG. 19 is a flowchart of yet another example of a process 1900 inaccordance to embodiments of this specification. For convenience, theprocess 1900 will be described as being performed by a blockchain nodethat includes a system of one or more computers, located in one or morelocations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 1900.

At 1902, the blockchain node receives a cyphertext of a digital documentspecifying a guarantee and one or more ZKPs related to one or morevalues associated with the guarantee, wherein the guarantee is made byat least a first guarantor to a beneficiary, and the digital documentspecifies one or more predetermined conditions of executing theguarantee.

At 1904, the blockchain node verifies the one or more ZKPs. At 1906,upon successfully verifying the one or more ZKPs, the blockchain nodestores the cyphertext to a blockchain based on performing a consensusalgorithm.

At 1908, the blockchain node receives a drawdown request of theguarantee from a first computing device associated with the beneficiaryor a representative of the beneficiary. At 1910, the blockchain nodestores the drawdown request to the blockchain based on performing aconsensus algorithm.

At 1912, the blockchain node delivers a first message about the drawdownrequest to a second computing device associated with the firstguarantor. At 1914, the blockchain node receives a second message fromthe second computing device associated with the first guarantorindicating that the first guarantor agrees to make a payment to thebeneficiary according to the guarantee.

At 1916, the blockchain node updates a status of the guarantee stored inthe blockchain to indicate that a drawdown request of the guarantee hasbeen processed by the first guarantor.

At 1918, the blockchain node delivers a third message to the firstcomputing device associated with the beneficiary or the representativeof the beneficiary indicating that the first guarantor agrees to makethe payment to the beneficiary according to the guarantee.

At 1920, the blockchain node receives a fourth message from the firstcomputing device associated with the beneficiary or the representativeof the beneficiary indicating that the payment from the first guarantorhas been received by the beneficiary.

At 1922, the blockchain node updates a status of the guarantee stored inthe blockchain to indicate that the payment of the guarantee has beenreceived by the beneficiary.

In some cases, the guarantee is in the form of a SBLC. In some cases,the guarantee specifies that the guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.

In some cases, the first guarantor is an offshore bank that serves anapplicant of the digital document, the representative of the beneficiaryis an onshore bank that serves the beneficiary, and the predeterminedamount is paid to the beneficiary through the onshore bank when the oneor more predetermined conditions are met.

In some cases, the digital document further includes information thatspecifies an identity of the onshore bank. In some cases, the one ormore predetermined conditions include one or more of default conditions,amendment conditions, cancelation conditions, effective date, andexpiration date.

In some cases, at least one of the one or more ZKPs is generated basedon homomorphic encryption. In some cases, the one or more ZKPs includesone or more of a range proof and a zero test.

In some cases, the cyphertext is encrypted using an encryption keyderived based on a linear secret sharing scheme. In some cases, theguarantee is made by the first guarantor and a second guarantor to thebeneficiary, the guarantee is in the form of a SBLC, and the guaranteespecifies that the first guarantor and the second guarantor shall paythe beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met. In somecases, the consensus algorithm is based on one of PoW, PoS, and PBFT.

In an alternative embodiments, the process 1900 comprises, receiving acyphertext of a digital document specifying a guarantee and one or moreZKPs related to one or more values associated with the guarantee,wherein the guarantee is made by at least a first guarantor to abeneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; verifying the oneor more ZKPs; upon successfully verifying the one or more ZKPs, storingthe cyphertext to a blockchain based on performing a consensusalgorithm; receiving a drawdown request of the guarantee from a firstcomputing device associated with the beneficiary or a representative ofthe beneficiary; storing the drawdown request to the blockchain based onperforming a consensus algorithm; delivering a first message about thedrawdown request to a second computing device associated with the firstguarantor; receiving a second message from the second computing deviceassociated with the first guarantor, in which the second messageincludes a notice of dishonor indicating that the first guarantor doesnot agree to make payment to the beneficiary according to the guarantee;storing the notice of dishonor in the blockchain based on performing theconsensus algorithm; delivering a third message to the first computingdevice associated with the beneficiary or the representative of thebeneficiary indicating that the first guarantor, in which the thirdmessage includes the notice of dishonor; receiving a fourth message fromthe first computing device associated with the beneficiary or therepresentative of the beneficiary indicating that the notice of dishonorhas been received by the beneficiary or the representative of thebeneficiary; and updating a status of the guarantee stored in theblockchain to indicate that the drawdown request is closed.

FIG. 20 is a diagram of yet another example of modules of an apparatus2000 in accordance with embodiments of this specification. The apparatus2000 can be an example of an embodiment of a blockchain. The apparatus2000 can correspond to the embodiments described above, and theapparatus 2000 includes the following: a receiving module 2002 thatreceives a cyphertext of a digital document specifying a guarantee andone or more ZKPs related to one or more values associated with theguarantee, wherein the guarantee is made by at least a first guarantorto a beneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; a verifying module2004 that verifies the one or more ZKPs; upon successfully verifying theone or more ZKPs, a storing module 2006 that stores the cyphertext to ablockchain based on performing a consensus algorithm; the receivingmodule 2002 that receives a drawdown request of the guarantee from afirst computing device associated with the beneficiary or arepresentative of the beneficiary; the storing module 2006 that storesthe drawdown request to the blockchain based on performing a consensusalgorithm; a delivering module 2008 that delivers a first message aboutthe drawdown request to a second computing device associated with thefirst guarantor; the receiving module 2002 receives a second messagefrom the second computing device associated with the first guarantorindicating that the first guarantor agrees to make a payment to thebeneficiary according to the guarantee; an updating module 2010 thatupdates a status of the guarantee stored in the blockchain to indicatethat a drawdown request of the guarantee has been processed by the firstguarantor; the delivering module 2008 that delivers a third message tothe first computing device associated with the beneficiary or therepresentative of the beneficiary indicating that the first guarantoragrees to make the payment to the beneficiary according to theguarantee; the receiving module 2002 that receives a fourth message fromthe first computing device associated with the beneficiary or therepresentative of the beneficiary indicating that the payment from thefirst guarantor has been received by the beneficiary; and the updatingmodule 2010 that updates a status of the guarantee stored in theblockchain to indicate that the payment of the guarantee has beenreceived by the beneficiary.

In an optional embodiment, the guarantee is in the form of a SBLC. In anoptional embodiment, the guarantee specifies that the guarantor shallpay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.

In an optional embodiment, the first guarantor is an offshore bank thatserves an applicant of the digital document, the representative of thebeneficiary is an onshore bank that serves the beneficiary, and thepredetermined amount is paid to the beneficiary through the onshore bankwhen the one or more predetermined conditions are met.

In an optional embodiment, the digital document further includesinformation that specifies an identity of the onshore bank. In anoptional embodiment, the one or more predetermined conditions includeone or more of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date.

In an optional embodiment, at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the one or more ZKPs includes one or more of a range proof and a zerotest.

In an optional embodiment, the cyphertext is encrypted using anencryption key derived based on a linear secret sharing scheme. In anoptional embodiment, the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet. In an optional embodiment, the consensus algorithm is based on oneof PoW, PoS, and PBFT.

In an alternative embodiment, the apparatus 2000 comprises, a receivingmodule 2002 that receives a cyphertext of a digital document specifyinga guarantee and one or more ZKPs related to one or more valuesassociated with the guarantee, wherein the guarantee is made by at leasta first guarantor to a beneficiary, and the digital document specifiesone or more predetermined conditions of executing the guarantee; averifying module 2004 that verifies the one or more ZKPs; a storingmodule 2006, upon successfully verifying the one or more ZKPs, thatstores the cyphertext to a blockchain based on performing a consensusalgorithm; receiving a drawdown request of the guarantee from a firstcomputing device associated with the beneficiary or a representative ofthe beneficiary; the storing module 2006 further stores the drawdownrequest to the blockchain based on performing a consensus algorithm; andelivering module 2008 that delivers a first message about the drawdownrequest to a second computing device associated with the firstguarantor; the receiving module 2002 that further receives a secondmessage from the second computing device associated with the firstguarantor, in which the second message includes a notice of dishonorindicating that the first guarantor does not agree to make payment tothe beneficiary according to the guarantee; the storing module 2006 thatfurther stores the notice of dishonor in the blockchain based onperforming the consensus algorithm; a delivering module 2008 thatfurther delivers a third message to the first computing deviceassociated with the beneficiary or the representative of the beneficiaryindicating that the first guarantor, in which the third message includesthe notice of dishonor; the receiving module 2002 that further receivesa fourth message from the first computing device associated with thebeneficiary or the representative of the beneficiary indicating that thenotice of dishonor has been received by the beneficiary or therepresentative of the beneficiary; and the updating module 2010 thatfurther updates a status of the guarantee stored in the blockchain toindicate that the drawdown request is closed.

FIG. 21 is a flowchart of yet another example of a process 2100 inaccordance with embodiments of this specification. For convenience, theprocess 2100 will be described as being performed by a blockchain nodethat includes a computer system of one or more computers, located in oneor more locations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 2100.

At 2102, the blockchain node receives a cyphertext of a digital documentspecifying a guarantee and one or more ZKPs related to one or morevalues associated with the guarantee, wherein the guarantee is made byat least a first guarantor to a beneficiary, and the digital documentspecifies one or more predetermined conditions of executing theguarantee.

At 2104, the blockchain node verifying the one or more ZKPs. At 2106,upon successfully verifying the one or more ZKPs, the blockchain nodestores the cyphertext to a blockchain based on performing a consensusalgorithm. At 2108, the blockchain node receives a first message from afirst computing device associated with the beneficiary or arepresentative of the beneficiary indicating there is no outstandingclaim for the guarantee.

At 2110, the blockchain node sends a second message to a secondcomputing device associated with the first guarantor to confirm that thefirst guarantor is discharged from undertaking payment under theguarantee. At 2112, the blockchain node receives a third message fromthe second computing device associated with the first guarantorrequesting a status of the guarantee to be changed to expired.

At 2114, the blockchain node updates the status of the guarantee storedin the blockchain to indicate that the guarantee has expired.

In some cases, the guarantee is in the form of a SBLC. In some cases,the guarantee specifies that the at least a first guarantor shall paythe beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.

In some cases, the first guarantor is an offshore bank that serves anapplicant of the digital document, the representative of the beneficiaryis an onshore bank that serves the beneficiary, and the predeterminedamount is paid to the beneficiary through the onshore bank when the oneor more predetermined conditions are met. In some cases, the digitaldocument further includes information that specifies an identity of theonshore bank.

In some cases, the one or more predetermined conditions include one ormore of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date. In some cases, at leastone of the one or more ZKPs is generated based on homomorphicencryption.

In some cases, the one or more ZKPs includes one or more of a rangeproof and a zero test. In some cases, the cyphertext is encrypted usingan encryption key derived based on a linear secret sharing scheme.

In some cases, the guarantee is made by the first guarantor and a secondguarantor to the beneficiary, the guarantee is in the form of a SBLC,and the guarantee specifies that the first guarantor and the secondguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In some cases, the consensus algorithm is based on one of PoW, PoS, andPBFT. In some cases, the process 2100 further comprises, prior toreceiving the first message, receiving a fourth message from the firstcomputing device associated with the beneficiary or the representativeof the beneficiary, in which the third message includes a requestrequesting a valid period of the guarantee to be extended; and storingthe request requesting the valid period of the guarantee to be extendedin the blockchain.

FIG. 22 is a diagram of yet another example of modules of an apparatus2200 in accordance with embodiments of this specification. The apparatus2200 can be an example of an embodiment of a blockchain node. Theapparatus 2200 can correspond to the embodiments described above, andthe apparatus 2200 includes the following: a receiving module 2202 thatreceives a cyphertext of a digital document specifying a guarantee andone or more ZKPs related to one or more values associated with theguarantee, wherein the guarantee is made by at least a first guarantorto a beneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee; a verifying module2204 that verifies the one or more ZKPs; upon successfully verifying theone or more ZKPs, a storing module 2206 that stores the cyphertext to ablockchain based on performing a consensus algorithm; the receivingmodule 2202 that receives a first message from a first computing deviceassociated with the beneficiary or a representative of the beneficiaryindicating there is no outstanding claim for the guarantee; a sendingmodule 2208 that sends a second message to a second computing deviceassociated with the first guarantor to confirm that the first guarantoris discharged from undertaking payment under the guarantee; thereceiving module 2202 that receives a third message from the secondcomputing device associated with the first guarantor requesting a statusof the guarantee to be changed to expired; and an updating module 2210that updates the status of the guarantee stored in the blockchain toindicate that the guarantee has expired.

In an optional embodiment, the guarantee is in the form of a SBLC. In anoptional embodiment, the guarantee specifies that the at least a firstguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In an optional embodiment, the first guarantor is an offshore bank thatserves an applicant of the digital document, the representative of thebeneficiary is an onshore bank that serves the beneficiary, and thepredetermined amount is paid to the beneficiary through the onshore bankwhen the one or more predetermined conditions are met.

In an optional embodiment, the digital document further includesinformation that specifies an identity of the onshore bank. In anoptional embodiment, the one or more predetermined conditions includeone or more of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date.

In an optional embodiment, at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the one or more ZKPs includes one or more of a range proof and a zerotest.

In an optional embodiment, the cyphertext is encrypted using anencryption key derived based on a linear secret sharing scheme. In anoptional embodiment, the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet.

In an optional embodiment, the consensus algorithm is based on one ofPoW, PoS, and PBFT. In an optional embodiment, the apparatus 2200further comprises, prior to receiving the first message, a receivingsub-module that receives a fourth message from the first computingdevice associated with the beneficiary or the representative of thebeneficiary, in which the third message includes a request requesting avalid period of the guarantee to be extended; and a storing sub-modulethat stores the request requesting the valid period of the guarantee tobe extended in the blockchain.

FIG. 23 is a flowchart of yet another example of a process 2300 inaccordance with embodiments of this specification. For convenience, theprocess 2300 will be described as being performed by a blockchain nodethat includes a system of one or more computers, located in one or morelocations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 2300.

At 2302, the blockchain node receives a first cyphertext of a firstdigital document specifying a guarantee from a first computing deviceassociated with at least a first guarantor and one or more ZKPs relatedto one or more values associated with the guarantee, wherein theguarantee is made by the at least a first guarantor to a beneficiary,and the first digital document specifies one or more predeterminedconditions of executing the guarantee.

At 2304, the blockchain node verifies that the one or more ZKPs arecorrect. At 2306, verifying that the one or more ZKPs are correct, theblockchain node upon stores the first cyphertext to a blockchain basedon performing a consensus algorithm.

At 2308, the blockchain node receives a first message from a secondcomputing device associated with a beneficiary or a representative ofthe beneficiary, the first message including a request to modify theguarantee. At 2310, the blockchain node sends a second message about therequest to modify the guarantee to the first computing device.

At 2312, the blockchain node receives from the first computing device asecond cyphertext of a second digital document specifying the guarantee,the second digital document representing a modified version of the firstdigital document in which the modification was made based on therequest.

In some cases, the process 2300 further comprises, storing the secondcyphertext to the blockchain based on performing the consensusalgorithm; receiving a third message from the second computing deviceindicating an acceptance of the guarantee specified in the seconddigital document; and modifying the second cyphertext to update a statusof the guarantee to indicate that the guarantee has been accepted by thebeneficiary.

In some cases, the guarantee is in a form of a SBLC. In some cases, theguarantee specifies that the at least a first guarantor shall pay thebeneficiary a predetermined amount when the one or more predeterminedconditions of executing the guarantee are met.

In some cases, the request to modify the guarantee is a request tomodify the predetermined amount to a reduced amount that equals to thepredetermined amount less a payment amount already paid to thebeneficiary, and the modified version of the first digital documentincludes the reduced amount.

In some cases, the first message further includes a ZKP associated withthe reduced amount, and the storing the second cyphertext is performedin response to successfully verifying the ZKP included in the firstmessage.

In some cases, the guarantor is an offshore bank that serves anapplicant of the first digital document, and the predetermined amount ispaid to the beneficiary through an onshore bank that serves thebeneficiary when the one or more predetermined conditions are met.

In some cases, the one or more predetermined conditions include one ormore of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date. In some cases, at leastone of the one or more ZKPs is generated based on homomorphicencryption.

In some cases, the one or more ZKPs includes one or more of a rangeproof and a zero test. In some cases, an encryption key for encryptingthe digital document is derived based on a linear secret sharing scheme.

In some cases, the guarantee is made by the first guarantor and a secondguarantor to the beneficiary, the guarantee is in the form of a SBLC,and the guarantee specifies that the first guarantor and the secondguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

FIG. 24 is a diagram of yet another example of modules of an apparatus2400 in accordance with embodiments of this specification. The apparatus2400 can be an example of an embodiment of a blockchain node. Theapparatus 2400 can correspond to the embodiments described above, andthe apparatus 2400 includes the following: a receiving module 2402 thatreceives a first cyphertext of a first digital document specifying aguarantee from a first computing device associated with at least a firstguarantor and one or more ZKPs related to one or more values associatedwith the guarantee, wherein the guarantee is made by the at least afirst guarantor to a beneficiary, and the first digital documentspecifies one or more predetermined conditions of executing theguarantee; a verifying module 2404 that verifies the one or more ZKPsare correct; upon verifying that the one or more ZKPs are correct, astoring module 2406 that stores the first cyphertext to a blockchainbased on performing a consensus algorithm; the receiving module 2402that further receives a first message from a second computing deviceassociated with a beneficiary or a representative of the beneficiary,the first message including a request to modify the guarantee; a sendingmodule 2408 that sends a second message about the request to modify theguarantee to the first computing device; and the receiving module 2402that further receives from the first computing device a secondcyphertext of a second digital document specifying the guarantee, thesecond digital document representing a modified version of the firstdigital document in which the modification was made based on therequest.

In an optional embodiment, the apparatus 2400 further comprises, thestoring module 2406 that stores the second cyphertext to the blockchainbased on performing the consensus algorithm; the receiving module 2402that receives a third message from the second computing deviceindicating an acceptance of the guarantee specified in the seconddigital document; and modifying the second cyphertext to update a statusof the guarantee to indicate that the guarantee has been accepted by thebeneficiary.

In an optional embodiment, the guarantee is in a form of a SBLC. In anoptional embodiment, the guarantee specifies that the at least a firstguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In an optional embodiment, the request to modify the guarantee is arequest to modify the predetermined amount to a reduced amount thatequals to the predetermined amount less a payment amount already paid tothe beneficiary, and the modified version of the first digital documentincludes the reduced amount.

In an optional embodiment, the first message further includes a ZKPassociated with the reduced amount, and the storing the secondcyphertext is performed in response to successfully verifying the ZKPincluded in the first message.

In an optional embodiment, the guarantor is an offshore bank that servesan applicant of the first digital document, and the predetermined amountis paid to the beneficiary through an onshore bank that serves thebeneficiary when the one or more predetermined conditions are met.

In an optional embodiment, the one or more predetermined conditionsinclude one or more of default conditions, amendment conditions,cancelation conditions, effective date, and expiration date. In anoptional embodiment, at least one of the one or more ZKPs is generatedbased on homomorphic encryption.

In an optional embodiment, the one or more ZKPs includes one or more ofa range proof and a zero test. In an optional embodiment, an encryptionkey for encrypting the digital document is derived based on a linearsecret sharing scheme.

In an optional embodiment, the guarantee is made by the first guarantorand a second guarantor to the beneficiary, the guarantee is in the formof a SBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet.

FIG. 25 is a flowchart of yet another example of a process 2500 inaccordance with embodiments of this specification. For convenience, theprocess 2500 will be described as being performed by a blockchain nodethat includes a system of one or more computers, located in one or morelocations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 2500.

At 2502, the blockchain node receives a cyphertext of a digital documentspecifying a guarantee from a first computing device associated with atleast a first guarantor and one or more ZKPs related to one or morevalues associated with the guarantee, wherein the guarantee is made bythe at least a first guarantor to a beneficiary, and the digitaldocument specifies one or more predetermined conditions of executing theguarantee.

At 2504, the blockchain node verifies that the one or more ZKPs arecorrect. At 2506, upon verifying that the one or more ZKPs are correct,the blockchain node stores the first cyphertext to a blockchain based onperforming a consensus algorithm.

At 2508, the blockchain node receives a first message from the firstcomputing device associated with the at least a first guarantor, thefirst message including a request to cancel the guarantee. At 2510, theblockchain node stores the request to cancel the guarantee in theblockchain.

At 2512, the blockchain node sends a second message to a secondcomputing device associated with the beneficiary or a representative ofthe beneficiary, wherein the second message includes the request tocancel the guarantee.

At 2514, the blockchain node receives a third message from the secondcomputing device associated with the beneficiary or the representativeof the beneficiary, wherein the third message includes a confirmationthat the beneficiary accepts cancellation of the guarantee. At 2516, theblockchain node updates a status of the guarantee stored in theblockchain to indicate that the guarantee has been canceled.

In some cases, the guarantee is in a form of a SBLC. In some cases, theguarantee specifies that the at least a first guarantor shall pay thebeneficiary a predetermined amount when the one or more predeterminedconditions of executing the guarantee are met.

In some cases, the first guarantor is an offshore bank that serves anapplicant of the guarantee, and the predetermined amount is paid to thebeneficiary through an onshore bank that serves the beneficiary when theone or more predetermined conditions are met.

In some cases, the digital document further includes information thatspecifies an identity of the onshore bank. In some cases, the one ormore predetermined conditions include one or more of default conditions,amendment conditions, cancelation conditions, effective date, andexpiration date.

In some cases, at least one of the one or more ZKPs is generated basedon homomorphic encryption. In some cases, the one or more ZKPs includesone or more of a range proof and a zero test.

In some cases, an encryption key for encrypting the digital document isderived based on a linear secret sharing scheme. In some cases, theguarantee is made by the first guarantor and a second guarantor to thebeneficiary, the guarantee is in the form of a SBLC, and the guaranteespecifies that the first guarantor and the second guarantor shall paythe beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met. In somecases, the consensus algorithm is based on one of PoW, PoS, and PBFT.

FIG. 26 is a diagram of yet another example of modules of an apparatus2600 in accordance with embodiments of this specification. The apparatus2600 can be an example of an embodiment of a blockchain. The apparatus2600 can correspond to the embodiments described above, and theapparatus 2600 includes the following: a receiving module 2602 thatreceives a cyphertext of a digital document specifying a guarantee froma first computing device associated with at least a first guarantor andone or more ZKPs related to one or more values associated with theguarantee, wherein the guarantee is made by the at least a firstguarantor to a beneficiary, and the digital document specifies one ormore predetermined conditions of executing the guarantee; a verifyingmodule 2604 that verifies that the one or more ZKPs are correct; uponverifying that the one or more ZKPs are correct, a storing module 2606that stores the first cyphertext to a blockchain based on performing aconsensus algorithm; the receiving module 2602 that receives a firstmessage from the first computing device associated with the at least afirst guarantor, the first message including a request to cancel theguarantee; the storing module 2606 that stores the request to cancel theguarantee in the blockchain; a sending module 2608 that sends a secondmessage to a second computing device associated with the beneficiary ora representative of the beneficiary, wherein the second message includesthe request to cancel the guarantee; the receiving module 2602 thatreceives a third message from the second computing device associatedwith the beneficiary or the representative of the beneficiary, whereinthe third message includes a confirmation that the beneficiary acceptscancellation of the guarantee; and an updating module 2610 that updatesa status of the guarantee stored in the blockchain to indicate that theguarantee has been canceled.

In an optional embodiment, the guarantee is in a form of a SBLC. In anoptional embodiment, the guarantee specifies that the at least a firstguarantor shall pay the beneficiary a predetermined amount when the oneor more predetermined conditions of executing the guarantee are met.

In an optional embodiment, the first guarantor is an offshore bank thatserves an applicant of the guarantee, and the predetermined amount ispaid to the beneficiary through an onshore bank that serves thebeneficiary when the one or more predetermined conditions are met.

In an optional embodiment, the digital document further includesinformation that specifies an identity of the onshore bank. In anoptional embodiment, the one or more predetermined conditions includeone or more of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date.

In an optional embodiment, at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the one or more ZKPs includes one or more of a range proof and a zerotest.

In an optional embodiment, an encryption key for encrypting the digitaldocument is derived based on a linear secret sharing scheme. In anoptional embodiment, the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in the form of aSBLC, and the guarantee specifies that the first guarantor and thesecond guarantor shall pay the beneficiary a predetermined amount whenthe one or more predetermined conditions of executing the guarantee aremet. In an optional embodiment, the consensus algorithm is based on oneof PoW, PoS, and PBFT.

FIG. 27 is a flowchart of yet another example of a process 2700 inaccordance with embodiments of this specification. For convenience, theprocess 2700 will be described as being performed by a blockchain nodethat includes a system of one or more computers, located in one or morelocations, and programmed appropriately in accordance with thisspecification. For example, a computer system, e.g., the computer system100 of FIG. 1, appropriately programmed, can perform the process 2700.

At 2702, the blockchain node receives, by a blockchain node of a firstblockchain network, a cross-chain request for relaying a cyphertext of adigital document to a second blockchain network, wherein the cross-chainrequest is sent from a first computing device associated with a firstguarantor, the digital document specifies a guarantee from the firstguarantor and one or more predetermined conditions of executing theguarantee, and wherein the guarantee is made by the first guarantor to abeneficiary, and the digital document specifies one or morepredetermined conditions of executing the guarantee.

At 2704, the blockchain node stores the cross-chain request and thecyphertext to a first blockchain associated with the first blockchainnetwork based on performing a consensus algorithm. At 2706, theblockchain node receives a message from a second computing device forrelaying information between the first blockchain network and the secondblockchain network, the message includes a confirmation that theguarantee is accepted by the beneficiary and stored on a secondblockchain associated with the second blockchain network. At 2708, theblockchain node updates a status of the guarantee to indicate that theguarantee has been voided on the first blockchain.

In some cases, the process 2700 further comprises, receiving, by theblockchain node, one or more ZKPs associated with the cyphertext of thedigital document, wherein the one or more ZKPs are related to one ormore values associated with the guarantee; and verifying that the one ormore ZKPs are correct before storing the cyphertext to the firstblockchain associated with the first blockchain network.

In some cases, the second computing device is at least one of (i) ablockchain node of the first blockchain network and the secondblockchain network, or (ii) a blockchain node of a third blockchainnetwork.

In some cases, the second computing device is a trusted device thatsupports a TEE or a secure multi-party computation. In some cases, theupdating the status of the guarantee is performed in response toreceiving a request to void the guarantee from the first computingdevice.

In some cases, the guarantee is in the form of a SBLC. In some cases,the guarantee specifies that the guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.

In some cases, the guarantor is an offshore bank that serves theapplicant, the representative of the beneficiary is an onshore bank thatserves the beneficiary, and the predetermined amount is paid to thebeneficiary through the onshore bank when the one or more predeterminedconditions are met.

In some cases, the one or more predetermined conditions include one ormore of default conditions, amendment conditions, cancelationconditions, effective date, and expiration date. In some cases, the oneor more ZKPs includes one or more of a range proof and a zero test, andat least one of the one or more ZKPs is generated based on homomorphicencryption. In some cases, the cyphertext is encrypted using anencryption key derived based on a linear secret sharing scheme.

FIG. 28 is a diagram of yet another example of modules of an apparatus2800 in accordance with embodiments of this specification. The apparatus2800 can be an example of an embodiment of a blockchain. The apparatus2800 can correspond to the embodiments described above, and theapparatus 2800 includes the following: a receiving module 2802 thatreceives, by a blockchain node of a first blockchain network, across-chain request for relaying a cyphertext of a digital document to asecond blockchain network, wherein the cross-chain request is sent froma first computing device associated with a first guarantor, the digitaldocument specifies a guarantee from the first guarantor and one or morepredetermined conditions of executing the guarantee, and wherein theguarantee is made by the first guarantor to a beneficiary, and thedigital document specifies one or more predetermined conditions ofexecuting the guarantee; a storing module 2804 that stores thecross-chain request and the cyphertext to a first blockchain associatedwith the first blockchain network based on performing a consensusalgorithm; the receiving module 2802 that receives a message from asecond computing device for relaying information between the firstblockchain network and the second blockchain network, the messageincludes a confirmation that the guarantee is accepted by thebeneficiary and stored on a second blockchain associated with the secondblockchain network; and an updating module 2806 that updates a status ofthe guarantee to indicate that the guarantee has been voided on thefirst blockchain.

In an optional embodiment, the apparatus 2800 further comprises, areceiving sub-module that receives, by the blockchain node, one or moreZKPs associated with the cyphertext of the digital document, wherein theone or more ZKPs are related to one or more values associated with theguarantee; and a verifying sub-module that verifies that the one or moreZKPs are correct before storing the cyphertext to the first blockchainassociated with the first blockchain network.

In an optional embodiment, the second computing device is at least oneof (i) a blockchain node of the first blockchain network and the secondblockchain network, or (ii) a blockchain node of a third blockchainnetwork.

In an optional embodiment, the second computing device is a trusteddevice that supports a TEE or a secure multi-party computation. In anoptional embodiment, the updating the status of the guarantee isperformed in response to receiving a request to void the guarantee fromthe first computing device.

In an optional embodiment, the guarantee is in the form of a SBLC. In anoptional embodiment, the guarantee specifies that the guarantor shallpay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.

In an optional embodiment, the guarantor is an offshore bank that servesthe applicant, the representative of the beneficiary is an onshore bankthat serves the beneficiary, and the predetermined amount is paid to thebeneficiary through the onshore bank when the one or more predeterminedconditions are met.

In an optional embodiment, the one or more predetermined conditionsinclude one or more of default conditions, amendment conditions,cancelation conditions, effective date, and expiration date. In anoptional embodiment, the one or more ZKPs includes one or more of arange proof and a zero test, and at least one of the one or more ZKPs isgenerated based on homomorphic encryption. In an optional embodiment,the cyphertext is encrypted using an encryption key derived based on alinear secret sharing scheme.

The system, apparatus, module, or unit illustrated in the previousembodiments can be implemented by using a computer chip or an entity, orcan be implemented by using a product having a certain function. Atypical embodiment device is a computer, and the computer can be apersonal computer, a laptop computer, a cellular phone, a camera phone,a smartphone, a personal digital assistant, a media player, a navigationdevice, an email receiving and sending device, a game console, a tabletcomputer, a wearable device, or any combination of these devices.

For an embodiment process of functions and roles of each module in theapparatus, references can be made to an embodiment process ofcorresponding steps in the previous method. Details are omitted here forsimplicity.

Because an apparatus embodiment basically corresponds to a methodembodiment, for related parts, references can be made to relateddescriptions in the method embodiment. The previously describedapparatus embodiment is merely an example. The modules described asseparate parts may or may not be physically separate, and partsdisplayed as modules may or may not be physical modules, may be locatedin one position, or may be distributed on a number of network modules.Some or all of the modules can be selected based on actual demands toachieve the objectives of the solutions of the specification. A personof ordinary skill in the art can understand and implement theembodiments of the present application without creative efforts.

Referring again to FIGS. 16, 18, 20, 22, 24, 26, and 28, it can beinterpreted as illustrating an internal functional module and astructure of a computer system or a blockchain node. An execution bodyin essence can be an electronic device, and the electronic deviceincludes the following: one or more processors; and one or morecomputer-readable memories configured to store an executable instructionof the one or more processors. In some embodiments, the one or morecomputer-readable memories are coupled to the one or more processors andhave programming instructions stored thereon that are executable by theone or more processors to perform algorithms, methods, functions,processes, flows, and procedures, as described in this specification.This specification also provides one or more non-transitorycomputer-readable storage media coupled to one or more processors andhaving instructions stored thereon which, when executed by the one ormore processors, cause the one or more processors to perform operationsin accordance with embodiments of the methods provided herein.

This specification further provides a system for implementing themethods provided herein. The system includes one or more processors, anda computer-readable storage medium coupled to the one or more processorshaving instructions stored thereon which, when executed by the one ormore processors, cause the one or more processors to perform operationsin accordance with embodiments of the methods provided herein.

Embodiments of the subject matter and the actions and operationsdescribed in this specification can be implemented in digital electroniccircuitry, in tangibly-embodied computer software or firmware, incomputer hardware, including the structures disclosed in thisspecification and their structural equivalents, or in combinations ofone or more of them. Embodiments of the subject matter described in thisspecification can be implemented as one or more computer programs, e.g.,one or more modules of computer program instructions, encoded on acomputer program carrier, for execution by, or to control the operationof, data processing apparatus. For example, a computer program carriercan include one or more computer-readable storage media that haveinstructions encoded or stored thereon. The carrier may be a tangiblenon-transitory computer-readable medium, such as a magnetic, magnetooptical, or optical disk, a solid state drive, a random access memory(RAM), a read-only memory (ROM), or other types of media. Alternatively,or in addition, the carrier may be an artificially generated propagatedsignal, e.g., a machine-generated electrical, optical, orelectromagnetic signal that is generated to encode information fortransmission to suitable receiver apparatus for execution by a dataprocessing apparatus. The computer storage medium can be or be part of amachine-readable storage device, a machine-readable storage substrate, arandom or serial access memory device, or a combination of one or moreof them. A computer storage medium is not a propagated signal.

A computer program, which may also be referred to or described as aprogram, software, a software application, an app, a module, a softwaremodule, an engine, a script, or code, can be written in any form ofprogramming language, including compiled or interpreted languages, ordeclarative or procedural languages; and it can be deployed in any form,including as a stand-alone program or as a module, component, engine,subroutine, or other unit suitable for executing in a computingenvironment, which environment may include one or more computersinterconnected by a data communication network in one or more locations.

A computer program may, but need not, correspond to a file in a filesystem. A computer program can be stored in a portion of a file thatholds other programs or data, e.g., one or more scripts stored in amarkup language document, in a single file dedicated to the program inquestion, or in multiple coordinated files, e.g., files that store oneor more modules, sub programs, or portions of code.

Processors for execution of a computer program include, by way ofexample, both general- and special-purpose microprocessors, and any oneor more processors of any kind of digital computer. Generally, aprocessor will receive the instructions of the computer program forexecution as well as data from a non-transitory computer-readable mediumcoupled to the processor.

The term “data processing apparatus” encompasses all kinds ofapparatuses, devices, and machines for processing data, including by wayof example a programmable processor, a computer, or multiple processorsor computers. Data processing apparatus can include special-purposelogic circuitry, e.g., an FPGA (field programmable gate array), an ASIC(application specific integrated circuit), or a GPU (graphics processingunit). The apparatus can also include, in addition to hardware, codethat creates an execution environment for computer programs, e.g., codethat constitutes processor firmware, a protocol stack, a databasemanagement system, an operating system, or a combination of one or moreof them.

The processes and logic flows described in this specification can beperformed by one or more computers or processors executing one or morecomputer programs to perform operations by operating on input data andgenerating output. The processes and logic flows can also be performedby special-purpose logic circuitry, e.g., an FPGA, an ASIC, or a GPU, orby a combination of special-purpose logic circuitry and one or moreprogrammed computers.

Computers suitable for the execution of a computer program can be basedon general or special-purpose microprocessors or both, or any other kindof central processing unit. Generally, a central processing unit willreceive instructions and data from a read only memory or a random accessmemory or both. Elements of a computer can include a central processingunit for executing instructions and one or more memory devices forstoring instructions and data. The central processing unit and thememory can be supplemented by, or incorporated in, special-purpose logiccircuitry.

Generally, a computer will also include, or be operatively coupled toreceive data from or transfer data to one or more storage devices. Thestorage devices can be, for example, magnetic, magneto optical, oroptical disks, solid state drives, or any other type of non-transitory,computer-readable media. However, a computer need not have such devices.Thus, a computer may be coupled to one or more storage devices, such as,one or more memories, that are local and/or remote. For example, acomputer can include one or more local memories that are integralcomponents of the computer, or the computer can be coupled to one ormore remote memories that are in a cloud network. Moreover, a computercan be embedded in another device, e.g., a mobile telephone, a personaldigital assistant (PDA), a mobile audio or video player, a game console,a Global Positioning System (GPS) receiver, or a portable storagedevice, e.g., a universal serial bus (USB) flash drive, to name just afew.

Components can be “coupled to” each other by being commutatively such aselectrically or optically connected to one another, either directly orvia one or more intermediate components. Components can also be “coupledto” each other if one of the components is integrated into the other.For example, a storage component that is integrated into a processor(e.g., an L2 cache component) is “coupled to” the processor.

To provide for interaction with a user, embodiments of the subjectmatter described in this specification can be implemented on, orconfigured to communicate with, a computer having a display device,e.g., a LCD (liquid crystal display) monitor, for displaying informationto the user, and an input device by which the user can provide input tothe computer, e.g., a keyboard and a pointing device, e.g., a mouse, atrackball or touchpad. Other kinds of devices can be used to provide forinteraction with a user as well; for example, feedback provided to theuser can be any form of sensory feedback, e.g., visual feedback,auditory feedback, or tactile feedback; and input from the user can bereceived in any form, including acoustic, speech, or tactile input. Inaddition, a computer can interact with a user by sending documents toand receiving documents from a device that is used by the user; forexample, by sending web pages to a web browser on a user's device inresponse to requests received from the web browser, or by interactingwith an app running on a user device, e.g., a smartphone or electronictablet. Also, a computer can interact with a user by sending textmessages or other forms of message to a personal device, e.g., asmartphone that is running a messaging application, and receivingresponsive messages from the user in return.

This specification uses the term “configured to” in connection withsystems, apparatus, and computer program components. For a system of oneor more computers to be configured to perform particular operations oractions means that the system has installed on it software, firmware,hardware, or a combination of them that in operation cause the system toperform the operations or actions. For one or more computer programs tobe configured to perform particular operations or actions means that theone or more programs include instructions that, when executed by dataprocessing apparatus, cause the apparatus to perform the operations oractions. For special-purpose logic circuitry to be configured to performparticular operations or actions means that the circuitry has electroniclogic that performs the operations or actions.

While this specification contains many specific embodiment details,these should not be construed as limitations on the scope of what isbeing claimed, which is defined by the claims themselves, but rather asdescriptions of features that may be specific to particular embodiments.Certain features that are described in this specification in the contextof separate embodiments can also be realized in combination in a singleembodiment. Conversely, various features that are described in thecontext of a single embodiments can also be realized in multipleembodiments separately or in any suitable subcombination. Moreover,although features may be described above as acting in certaincombinations and even initially be claimed as such, one or more featuresfrom a claimed combination can in some cases be excised from thecombination, and the claim may be directed to a subcombination orvariation of a subcombination.

Similarly, while operations are depicted in the drawings and recited inthe claims in a particular order, this should not be understood asrequiring that such operations be performed in the particular ordershown or in sequential order, or that all illustrated operations beperformed, to achieve desirable results. In certain circumstances,multitasking and parallel processing may be advantageous. Moreover, theseparation of various system modules and components in the embodimentsdescribed above should not be understood as requiring such separation inall embodiments, and it should be understood that the described programcomponents and systems can generally be integrated together in a singlesoftware product or packaged into multiple software products.

Particular embodiments of the subject matter have been described. Otherembodiments are within the scope of the following claims. For example,the actions recited in the claims can be performed in a different orderand still achieve desirable results. As one example, the processesdepicted in the accompanying figures do not necessarily require theparticular order shown, or sequential order, to achieve desirableresults. In some cases, multitasking and parallel processing may beadvantageous.

The invention claimed is:
 1. A computer-implemented method performed bya blockchain node of a blockchain network, comprising: receiving, by theblockchain node, a cyphertext of a digital document and one or morezero-knowledge proofs (ZKPs), wherein the digital document specifies aguarantee, wherein the one or more ZKPs are related to one or morevalues associated with the guarantee, wherein the guarantee is made byat least a first guarantor to a beneficiary, and wherein the digitaldocument specifies one or more predetermined conditions of executing theguarantee; verifying, by the blockchain node, the one or more ZKPs; uponsuccessfully verifying the one or more ZKPs, storing, by the blockchainnode, the cyphertext to a blockchain by performing a consensusalgorithm; receiving, by the blockchain node, a first message from afirst computing device associated with the beneficiary or arepresentative of the beneficiary indicating there is no outstandingclaim for the guarantee; in response to receiving the first message,sending, by the blockchain node, a second message to a second computingdevice associated with the first guarantor to confirm that the firstguarantor is discharged from undertaking payment under the guarantee;receiving, by the blockchain node, a third message from the secondcomputing device associated with the first guarantor requesting a statusof the guarantee to be changed to expired; in response to receiving thethird message, sending, by the blockchain node, information associatedwith the third message to a trusted execution environment comprised inthe blockchain node; receiving, by the trusted execution environment,the information associated with the third message; processing, by thetrusted execution environment, the received information associated withthe third message from the blockchain node; and updating, by the trustedexecution environment, the status of the guarantee stored in theblockchain to indicate that the guarantee has expired.
 2. Thecomputer-implemented method of claim 1, wherein the guarantee specifiesthat the at least a first guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.
 3. The computer-implemented method ofclaim 2, wherein the first guarantor is an offshore bank that serves anapplicant of the digital document, the representative of the beneficiaryis an onshore bank that serves the beneficiary, and the predeterminedamount is paid to the beneficiary through the onshore bank when the oneor more predetermined conditions of executing the guarantee are met, thedigital document further includes information that specifies an identityof the onshore bank.
 4. The computer-implemented method of claim 1,wherein the one or more predetermined conditions of executing theguarantee include one or more of default conditions, amendmentconditions, cancelation conditions, effective date, and expiration date.5. The computer-implemented method of claim 1, wherein at least one ofthe one or more ZKPs is generated based on homomorphic encryption, andthe one or more ZKPs includes one or more of a range proof and a zerotest.
 6. The computer-implemented method of claim 1, wherein thecyphertext is encrypted using an encryption key derived based on alinear secret sharing scheme.
 7. The computer-implemented method ofclaim 1, wherein the guarantee is made by the first guarantor and asecond guarantor to the beneficiary, the guarantee is in a form of astandby letter of credit (SBLC), and the guarantee specifies that thefirst guarantor and the second guarantor shall pay the beneficiary apredetermined amount when the one or more predetermined conditions ofexecuting the guarantee are met.
 8. The computer-implemented method ofclaim 1, wherein the consensus algorithm is based on one of proof ofwork (PoW), proof of stake (PoS), and practical Byzantine faulttolerance (PBFT).
 9. The computer-implemented method of claim 1, furthercomprising: prior to receiving the first message, receiving a fourthmessage from the first computing device associated with the beneficiaryor the representative of the beneficiary, the fourth message comprisinga request to extend a valid period of the guarantee; and storing therequest to extend the valid period of the guarantee in the blockchain.10. A computer-implemented system, comprising: one or more computerscomprising a blockchain node having a trusted execution environment; andone or more computer memory devices interoperably coupled with the oneor more computers and having tangible, non-transitory, machine-readablemedia storing one or more instructions that, when executed by the one ormore computers, perform one or more operations comprising: receiving, bythe blockchain node, a cyphertext of a digital document and one or morezero-knowledge proofs (ZKPs), wherein the digital document specifies aguarantee, wherein the one or more ZKPs are related to one or morevalues associated with the guarantee, wherein the guarantee is made byat least a first guarantor to a beneficiary, and wherein the digitaldocument specifies one or more predetermined conditions of executing theguarantee; verifying, by the blockchain node, the one or more ZKPs; uponsuccessfully verifying the one or more ZKPs, storing, by the blockchainnode, the cyphertext to a blockchain by performing a consensusalgorithm; receiving, by the blockchain node, a first message from afirst computing device associated with the beneficiary or arepresentative of the beneficiary indicating there is no outstandingclaim for the guarantee; in response to receiving the first message,sending, by the blockchain node, a second message to a second computingdevice associated with the first guarantor to confirm that the firstguarantor is discharged from undertaking payment under the guarantee;receiving, by the blockchain node, a third message from the secondcomputing device associated with the first guarantor requesting a statusof the guarantee to be changed to expired; in response to receiving thethird message, sending, by the blockchain node, information associatedwith the third message to the trusted execution environment; receiving,by the trusted execution environment, the information associated withthe third message; processing, by the trusted execution environment, thereceived information associated with the third message from theblockchain node; and updating, by the trusted execution environment, thestatus of the guarantee stored in the blockchain to indicate that theguarantee has expired.
 11. The computer-implemented system of claim 10,wherein the guarantee specifies that the at least a first guarantorshall pay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.
 12. Thecomputer-implemented system of claim 11, wherein the first guarantor isan offshore bank that serves an applicant of the digital document, therepresentative of the beneficiary is an onshore bank that serves thebeneficiary, and the predetermined amount is paid to the beneficiarythrough the onshore bank when the one or more predetermined conditionsof executing the guarantee are met, the digital document furtherincludes information that specifies an identity of the onshore bank. 13.The computer-implemented system of claim 10, wherein the one or morepredetermined conditions of executing the guarantee include one or moreof default conditions, amendment conditions, cancelation conditions,effective date, and expiration date.
 14. The computer-implemented systemof claim 10, wherein at least one of the one or more ZKPs is generatedbased on homomorphic encryption, and the one or more ZKPs includes oneor more of a range proof and a zero test.
 15. The computer-implementedsystem of claim 10, wherein the cyphertext is encrypted using anencryption key derived based on a linear secret sharing scheme.
 16. Thecomputer-implemented system of claim 10, wherein the guarantee is madeby the first guarantor and a second guarantor to the beneficiary, theguarantee is in a form of a standby letter of credit (SBLC), and theguarantee specifies that the first guarantor and the second guarantorshall pay the beneficiary a predetermined amount when the one or morepredetermined conditions of executing the guarantee are met.
 17. Thecomputer-implemented system of claim 10, wherein the consensus algorithmis based on one of proof of work (PoW), proof of stake (PoS), andpractical Byzantine fault tolerance (PBFT).
 18. The computer-implementedsystem of claim 10, the operations further comprising: prior toreceiving the first message, receiving a fourth message from the firstcomputing device associated with the beneficiary or the representativeof the beneficiary, the fourth message comprising a request to extend avalid period of the guarantee; and storing the request to extend thevalid period of the guarantee in the blockchain.
 19. A non-transitory,computer-readable medium storing one or more instructions executable bya computer system to perform operations comprising: receiving, by ablockchain node, a cyphertext of a digital document and one or morezero-knowledge proofs (ZKPs), wherein the digital document specifies aguarantee, wherein the one or more ZKPs are related to one or morevalues associated with the guarantee, wherein the guarantee is made byat least a first guarantor to a beneficiary, and wherein the digitaldocument specifies one or more predetermined conditions of executing theguarantee; verifying, by the blockchain node, the one or more ZKPs; uponsuccessfully verifying the one or more ZKPs, storing, by the blockchainnode, the cyphertext to a blockchain by performing a consensusalgorithm; receiving, by the blockchain node, a first message from afirst computing device associated with the beneficiary or arepresentative of the beneficiary indicating there is no outstandingclaim for the guarantee; in response to receiving the first message,sending, by the blockchain node, a second message to a second computingdevice associated with the first guarantor to confirm that the firstguarantor is discharged from undertaking payment under the guarantee;receiving, by the blockchain node, a third message from the secondcomputing device associated with the first guarantor requesting a statusof the guarantee to be changed to expired; in response to receiving thethird message, sending, by the blockchain node, information associatedwith the third message to a trusted execution environment comprised inthe blockchain node; receiving, by the trusted execution environment,the information associated with the third message; processing, by thetrusted execution environment, the received information associated withthe third message from the blockchain node; and updating, by the trustedexecution environment, the status of the guarantee stored in theblockchain to indicate that the guarantee has expired.
 20. Thenon-transitory, computer-readable medium of claim 19, wherein theguarantee specifies that the at least a first guarantor shall pay thebeneficiary a predetermined amount when the one or more predeterminedconditions of executing the guarantee are met.